Aussie up but investors await Japan resolution
The Australian currency was stronger at Tuesday noon, although investors avoided any big moves as they awaited the resolution of Japan's leadership struggle.
At midday AEST, the domestic dollar was changing hands at $US0.9334/38, marginally up from Monday's finish of $US0.9319/21.
Since 7am AEST today, the local unit has ranged from $US0.9320 to $US0.9351. Overnight, it reached $US0.9362, the strongest level since April 15.
The Aussie had been in a "holding pattern" as investors wait for the resolution of Japan's leadership struggle, according to 4CAst financial markets head of research Ray Attrill.
Ichiro Ozawa, a 40 year veteran of parliament, and one of its major power brokers, is challenging Prime Minister Naoto Kan, who took over after Yukio Hatoyama stepped down in June.
Mr Attrill said the National Australia Bank Business Confidence survey for August did not significantly affect the domestic dollar.
Australian business sentiment returned to levels last seen in April as profits increased although sales and employment conditions weakened.
The confidence index rose to 11 points from 2 points in July, according to a National Australia Bank Ltd survey of more than 530 companies from Aug. 24 to Aug. 31.
"Business confidence rebounded 9 points in August, following three months during which overseas financial turbulence and policy uncertainty contributed to more subdued readings," NAB said.