Investing.com - The Australian dollar was almost unchanged against its U.S. counterpart on Tuesday, as markets were jittery after the outcome of the parliamentary election in Italy led to fresh concerns over the financial situation in the euro zone.
AUD/USD hit 1.0245 during late Asian trade, the pair's lowest since February 21; the pair subsequently consolidated at 1.0260, edging up 0.04%.
The pair was likely to find support at 1.0221, the low of February 21 and resistance at 1.0292, the session high.
Italy’s center-left party led by the Democratic Party's Pier Luigi Bersani won the majority of votes in the lower house, the chamber of deputies, and was likely to receive the mandate to form a government.
However, projections indicated that no party would be able to form a majority in the upper house or Senate, which could send Italy back to the polls.
The Aussie was higher against the New Zealand dollar with AUD/NZD edging up 0.16%, to hit 1.2341.
Also Tuesday, the Reserve Bank of New Zealand said that its inflation expectations ticked down to 2.2% in fourth quarter, from 2.3% in the previous quarter.
Market participants were looking ahead to congressional testimony from Federal Reserve chief Ben Bernanke later in the trading day, after last week’s minutes of the central bank’s January meeting showed that some policymakers favored an early end to the Fed's monetary easing measures.
AUD/USD hit 1.0245 during late Asian trade, the pair's lowest since February 21; the pair subsequently consolidated at 1.0260, edging up 0.04%.
The pair was likely to find support at 1.0221, the low of February 21 and resistance at 1.0292, the session high.
Italy’s center-left party led by the Democratic Party's Pier Luigi Bersani won the majority of votes in the lower house, the chamber of deputies, and was likely to receive the mandate to form a government.
However, projections indicated that no party would be able to form a majority in the upper house or Senate, which could send Italy back to the polls.
The Aussie was higher against the New Zealand dollar with AUD/NZD edging up 0.16%, to hit 1.2341.
Also Tuesday, the Reserve Bank of New Zealand said that its inflation expectations ticked down to 2.2% in fourth quarter, from 2.3% in the previous quarter.
Market participants were looking ahead to congressional testimony from Federal Reserve chief Ben Bernanke later in the trading day, after last week’s minutes of the central bank’s January meeting showed that some policymakers favored an early end to the Fed's monetary easing measures.