Investing.com - The Australian dollar fell to a three-day low against its U.S. counterpart on Monday, as Friday’s upbeat U.S. employment data suggested that further stimulus measures may not be needed to bolster the economy.
AUD/USD hit 1.0517 during late Asian trade, the pair’s lowest since March 7; the pair subsequently consolidated at 1.0534, shedding 0.40%.
The pair was likely to find support at 1.0427, the low of January 23 and resistance at 1.0592, the high of March 7.
The Department of Labor said the U.S. economy added 227,000 jobs in February after increasing by a revised 284,000 the previous month. The unemployment rate held steady at a three year low of 8.3%.
The strong data boosted the dollar as it diminished expectations for a fresh round of asset purchases by the Federal Reserve to help stimulate economic growth.
Meanwhile, the Aussie remained under pressure after the International Swaps and Derivatives Association said Greece’s debt swap constituted a “credit event” that would activate credit-default swaps, which designed to protect investors against losses on Greek sovereign debt.
Elsewhere, government data showed earlier that core machinery orders in Japan rose more-than-expected in January, rising 3.4% after a 7.1% decline the previous month.
Japan is Australia’s biggest export partner.
The Aussie was lower against the euro with EUR/AUD adding 0.26%, to hit 1.2441.
Later in the day, the U.S. was to publish government data on the federal budget balance.
AUD/USD hit 1.0517 during late Asian trade, the pair’s lowest since March 7; the pair subsequently consolidated at 1.0534, shedding 0.40%.
The pair was likely to find support at 1.0427, the low of January 23 and resistance at 1.0592, the high of March 7.
The Department of Labor said the U.S. economy added 227,000 jobs in February after increasing by a revised 284,000 the previous month. The unemployment rate held steady at a three year low of 8.3%.
The strong data boosted the dollar as it diminished expectations for a fresh round of asset purchases by the Federal Reserve to help stimulate economic growth.
Meanwhile, the Aussie remained under pressure after the International Swaps and Derivatives Association said Greece’s debt swap constituted a “credit event” that would activate credit-default swaps, which designed to protect investors against losses on Greek sovereign debt.
Elsewhere, government data showed earlier that core machinery orders in Japan rose more-than-expected in January, rising 3.4% after a 7.1% decline the previous month.
Japan is Australia’s biggest export partner.
The Aussie was lower against the euro with EUR/AUD adding 0.26%, to hit 1.2441.
Later in the day, the U.S. was to publish government data on the federal budget balance.