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Forex - AUD/USD higher, but gains limited

Published 11/12/2012, 02:58 AM
Updated 11/12/2012, 02:59 AM
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Investing.com - The Australian dollar was higher against its U.S. counterpart on Monday, but gains were limited as investors remained cautious ahead of a meeting of euro zone finance ministers later in the day.

AUD/USD hit 1.0423 during European morning trade, the daily high; the pair subsequently consolidated at 1.0418, adding 0.32%.

The pair was likely to find support at 1.0359, the low of November 9 and resistance at 1.0480, the high of November 7.

Sentiment found some support after Greece’s government approved a budget of spending cuts and tax increases for next year, just days after the parliament narrowly approved a EUR13.5 billion austerity package required to secure the country’s next installment of financial aid.

But markets were jittery as euro zone finance ministers were to meet in Brussels later in the day to discuss whether to release a new tranche of funding to Greece.

German Finance Minister Wolfgang Schaeuble told a German newspaper on Sunday that the troika of international lenders to Athens was unlikely to deliver its full report in time for Monday's meeting.

In Australia, official data earlier showed that home loans rose less-than-expected in September, ticking up 0.9% after a 2.1% increase the previous month.

Analysts had expected home loans to rise by 1% in September.

Elsewhere, the Aussie was higher against the euro with EUR/AUD shedding 0.33%, to hit 1.2201.

Later Monday, German Chancellor Angela Merkel was to travel to Lisbon to hold talks with Portuguese political leaders, amid public opposition to the country’s austerity cuts.


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