Investing.com – The Australian dollar was trading close to a record high against its U.S. counterpart on Monday, as higher commodity prices and interest rate differentials supported the currency.
AUD/USD hit 1.0539 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0559, easing down 0.05%.
The pair was likely to find support at 1.0451, Friday’s low and short-term resistance at 1.0650.
Earlier in the day, official data showed that China recorded its first quarterly trade deficit since 2004 in the first three months of the year, as commodity prices continued to rise.
China's exports increased by 26.6% year-on-year, to USD399.64 billion in the first quarter, while imports surged 32.6% to USD400.66 billion. China is Australia’s largest trading partner.
The Aussie also slipped against the yen, with AUD/JPY sliding 0.11% to hit 89.42.
Later in the day, the Federal Reserve Bank of Chicago President Charles Evans was to speak. Also Monday, Federal Reserve Governor Janet Yellen was to speak.
AUD/USD hit 1.0539 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0559, easing down 0.05%.
The pair was likely to find support at 1.0451, Friday’s low and short-term resistance at 1.0650.
Earlier in the day, official data showed that China recorded its first quarterly trade deficit since 2004 in the first three months of the year, as commodity prices continued to rise.
China's exports increased by 26.6% year-on-year, to USD399.64 billion in the first quarter, while imports surged 32.6% to USD400.66 billion. China is Australia’s largest trading partner.
The Aussie also slipped against the yen, with AUD/JPY sliding 0.11% to hit 89.42.
Later in the day, the Federal Reserve Bank of Chicago President Charles Evans was to speak. Also Monday, Federal Reserve Governor Janet Yellen was to speak.