Investing.com – The Australian dollar dipped to a daily low against its U.S. counterpart on Monday, in the first trading day of 2011, as trade remained thin with major markets all closed on account of post New Year holidays.
AUD/USD hit 1.018 during European morning trade, the daily low; the pair subsequently consolidated at 1.0194, shedding 0.34%.
The pair was likely to find support at 1.0087, the low of December 29 and resistance at 1.0255, the high of December 31 and a 28-year high.
The greenback firmed up following a string of strong U.S. economic data released last week encouraged hopes that the economic recovery in the U.S. will drive global growth as expansion in China moderates.
Official data released Saturday showed that China’s manufacturing activity grew at the weakest pace in three months in December after the government tightened monetary policy to curb inflation and closed factories to meet energy-efficiency targets.
Meanwhile, the Aussie was up against the euro, with EUR/AUD shedding 0.39% to hit 1.303.
Later in the day, the U.S. was to publish key ISM manufacturing data.
AUD/USD hit 1.018 during European morning trade, the daily low; the pair subsequently consolidated at 1.0194, shedding 0.34%.
The pair was likely to find support at 1.0087, the low of December 29 and resistance at 1.0255, the high of December 31 and a 28-year high.
The greenback firmed up following a string of strong U.S. economic data released last week encouraged hopes that the economic recovery in the U.S. will drive global growth as expansion in China moderates.
Official data released Saturday showed that China’s manufacturing activity grew at the weakest pace in three months in December after the government tightened monetary policy to curb inflation and closed factories to meet energy-efficiency targets.
Meanwhile, the Aussie was up against the euro, with EUR/AUD shedding 0.39% to hit 1.303.
Later in the day, the U.S. was to publish key ISM manufacturing data.