Investing.com - The Australian dollar fell to a six-day low against its U.S. counterpart on Monday, as weak domestic retail sales data and renewed concerns over the debt crisis in the euro zone weighed.
AUD/USD hit 1.0146 during late Asian trade, the pair’s lowest since December 30; the pair subsequently consolidated at 1.0210, declining 0.17%.
The pair was likely to find support at 1.0070, the low of December 28 and resistance at 1.0273, the high of January 6.
In Australia, official data showed earlier that retail sales were unexpectedly flat in November after a 0.2% rise the previous month.
Analysts had expected retail sales to rise 0.4% in November.
A separate report showed that new home sales in Australia rose 6.8% in November after a 5.5% increase the previous month.
Meanwhile concerns over rising borrowing costs in the euro zone continued as markets looked ahead to government debt auctions by Spain and Italy later in the week.
Markets were also jittery after German magazine Der Spiegel reported on Saturday the International Monetary Fund was losing confidence in Greece's ability to shore up its public finances and work off its mountain of debt.
Elsewhere, the Aussie was sharply lower against the New Zealand dollar with AUD/NZD retreating 0.55%, to hit 1.3027.
Later Monday, French President Nicolas Sarkozy and German Chancellor Angela Merkel were to discuss proposals to increase fiscal coordination in the single currency bloc.
AUD/USD hit 1.0146 during late Asian trade, the pair’s lowest since December 30; the pair subsequently consolidated at 1.0210, declining 0.17%.
The pair was likely to find support at 1.0070, the low of December 28 and resistance at 1.0273, the high of January 6.
In Australia, official data showed earlier that retail sales were unexpectedly flat in November after a 0.2% rise the previous month.
Analysts had expected retail sales to rise 0.4% in November.
A separate report showed that new home sales in Australia rose 6.8% in November after a 5.5% increase the previous month.
Meanwhile concerns over rising borrowing costs in the euro zone continued as markets looked ahead to government debt auctions by Spain and Italy later in the week.
Markets were also jittery after German magazine Der Spiegel reported on Saturday the International Monetary Fund was losing confidence in Greece's ability to shore up its public finances and work off its mountain of debt.
Elsewhere, the Aussie was sharply lower against the New Zealand dollar with AUD/NZD retreating 0.55%, to hit 1.3027.
Later Monday, French President Nicolas Sarkozy and German Chancellor Angela Merkel were to discuss proposals to increase fiscal coordination in the single currency bloc.