Investing.com - The Australian dollar was lower against its U.S. counterpart on Tuesday, as the downgrade of six European countries by Moody’s rating agency weighed on demand for riskier assets.
AUD/USD hit 1.0664 during late Asian trade, the pair’s lowest since February 10; the pair subsequently consolidated at 1.0685, shedding 0.44%.
The pair was likely to find support at 1.0591, the low of January 27 and resistance at 1.0755, the high of February 2.
Moody’s Investors Service cut the debt ratings of six European countries including Italy, Spain and Portugal earlier and said it may strip France and the U.K. of their top Aaa ratings, citing the euro zone’s debt crisis.
The news overshadowed the vote of a new austerity plan by the Greek parliament, designed to secure the country’s much needed EUR130 billion bailout package.
Earlier Tuesday, industry data showed that an index of business confidence for Australia rose to 4 in January from 3 the previous month.
The Aussie was lower against the euro with EUR/AUD adding 0.18%, to hit 1.2310.
Later in the day, the U.S. was to release official data on retail sales, as well as reports on import prices and business inventories.
AUD/USD hit 1.0664 during late Asian trade, the pair’s lowest since February 10; the pair subsequently consolidated at 1.0685, shedding 0.44%.
The pair was likely to find support at 1.0591, the low of January 27 and resistance at 1.0755, the high of February 2.
Moody’s Investors Service cut the debt ratings of six European countries including Italy, Spain and Portugal earlier and said it may strip France and the U.K. of their top Aaa ratings, citing the euro zone’s debt crisis.
The news overshadowed the vote of a new austerity plan by the Greek parliament, designed to secure the country’s much needed EUR130 billion bailout package.
Earlier Tuesday, industry data showed that an index of business confidence for Australia rose to 4 in January from 3 the previous month.
The Aussie was lower against the euro with EUR/AUD adding 0.18%, to hit 1.2310.
Later in the day, the U.S. was to release official data on retail sales, as well as reports on import prices and business inventories.