Investing.com – The Australian dollar remained close to a three week low against its U.S. counterpart on Monday after China, Australia’s largest trading partner, posted a smaller-than-expected trade surplus and after tepid domestic retail sales data.
AUD/USD hit 0.9911 during late Asian trade, the daily low; the pair subsequently consolidated at 0.9922, shedding 0.35%.
The pair was likely to find support at 0.983, the low of December 16 and resistance at 1.0014, last Thursday’s high.
Earlier in the day, China, posted a December trade surplus of USD13.1 billion, below market expectations, as a rise in imports outpaced export growth.
Also Monday, official data showed that Australian retail sales rose in line with expectations in November. The Australian Statistics Bureau said retail sales advanced 0.3% after a revised 0.8% drop in October.
The Aussie was also lower against the euro, with EUR/AUD climbing 0.29% to hit 1.2999.
Later in the day, Australia was to publish official data on its trade balance.
AUD/USD hit 0.9911 during late Asian trade, the daily low; the pair subsequently consolidated at 0.9922, shedding 0.35%.
The pair was likely to find support at 0.983, the low of December 16 and resistance at 1.0014, last Thursday’s high.
Earlier in the day, China, posted a December trade surplus of USD13.1 billion, below market expectations, as a rise in imports outpaced export growth.
Also Monday, official data showed that Australian retail sales rose in line with expectations in November. The Australian Statistics Bureau said retail sales advanced 0.3% after a revised 0.8% drop in October.
The Aussie was also lower against the euro, with EUR/AUD climbing 0.29% to hit 1.2999.
Later in the day, Australia was to publish official data on its trade balance.