Investing.com - The Australian dollar slumped against the greenback on Monday as expectations continued to build the Reserve Bank of Australia will cut benchmark interest rates later this week in wake of soft retail sales data and weak earnings.
In Asian trading on Monday, AUD/USD hit 1.0408, down 0.18%, up from a session low of 1.0393 and off from a high of 1.0432.
The pair was likely to test support at 1.0338, the low of Nov. 21, and resistance at 1.0432, the earlier high.
Lackluster and even disappointing corporate earnings will likely prompt the Reserve Bank of Australia this week to cut benchmark interest rates to 3.00% from their current levels of 3.25%.
Gross operating profits at Australian companies dropped more than expected in the third quarter, official data showed on Monday.
In a report, Australian Bureau of Statistics said that Australian CGOP fell 2.9% in the third quarter after contracting 0.3% in the preceding quarter whose figure was revised up from a contraction of 0.7%.
Analysts had expected Australian CGOP to contract by 2.5% in the last quarter.
Australian retail sales disappointed as well.
In a report, Australian Bureau of Statistics said that Australian retail sales remained unchanged in October after gaining 0.5% in September.
Analysts had expected Australian retail sales to rise 0.4% in October.
The Australian dollar, meanwhile was down against the euro and down against the yen, with EUR/AUD up 0.60% at 1.2528 and AUD/JPY down 0.30% at 85.74.
In Asian trading on Monday, AUD/USD hit 1.0408, down 0.18%, up from a session low of 1.0393 and off from a high of 1.0432.
The pair was likely to test support at 1.0338, the low of Nov. 21, and resistance at 1.0432, the earlier high.
Lackluster and even disappointing corporate earnings will likely prompt the Reserve Bank of Australia this week to cut benchmark interest rates to 3.00% from their current levels of 3.25%.
Gross operating profits at Australian companies dropped more than expected in the third quarter, official data showed on Monday.
In a report, Australian Bureau of Statistics said that Australian CGOP fell 2.9% in the third quarter after contracting 0.3% in the preceding quarter whose figure was revised up from a contraction of 0.7%.
Analysts had expected Australian CGOP to contract by 2.5% in the last quarter.
Australian retail sales disappointed as well.
In a report, Australian Bureau of Statistics said that Australian retail sales remained unchanged in October after gaining 0.5% in September.
Analysts had expected Australian retail sales to rise 0.4% in October.
The Australian dollar, meanwhile was down against the euro and down against the yen, with EUR/AUD up 0.60% at 1.2528 and AUD/JPY down 0.30% at 85.74.