Investing.com - The Australian dollar was trading near more than two-year lows against its U.S counterpart on Monday, as expectations for the Federal Reserve to scale back its stimulus program before the end of the year continued to support the greenback.
AUD/USD hit 0.9174 during late Asian trade, the session low; the pair subsequently consolidated at 0.9177, sliding 0.41%.
The pair was likely to find support at 0.9164, the low of June 20 and a more than two-year low and resistance at 0.9313, the high of June 20.
The greenback remained broadly supported after Fed Chairman Ben Bernanke said last Wednesday that the bank could begin tapering asset purchases by the end of 2013 if the economy continues to pick up.
Meanwhile, markets remained jittery after the International Monetary Fund on Friday said it would not suspend Greek funding and said Athens has until July to come up with an agreement on its bailout program.
The comments came amid concerns over recent delays in the privatization plan Greece agreed to last year, which could threaten the country’s performance on economic reforms needed to secure bailout funding.
The Aussie was lower against the euro with EUR/AUD adding 0.38%, to hit 1.4294.
Later in the day, the Ifo institute was to release a report on German business climate.
AUD/USD hit 0.9174 during late Asian trade, the session low; the pair subsequently consolidated at 0.9177, sliding 0.41%.
The pair was likely to find support at 0.9164, the low of June 20 and a more than two-year low and resistance at 0.9313, the high of June 20.
The greenback remained broadly supported after Fed Chairman Ben Bernanke said last Wednesday that the bank could begin tapering asset purchases by the end of 2013 if the economy continues to pick up.
Meanwhile, markets remained jittery after the International Monetary Fund on Friday said it would not suspend Greek funding and said Athens has until July to come up with an agreement on its bailout program.
The comments came amid concerns over recent delays in the privatization plan Greece agreed to last year, which could threaten the country’s performance on economic reforms needed to secure bailout funding.
The Aussie was lower against the euro with EUR/AUD adding 0.38%, to hit 1.4294.
Later in the day, the Ifo institute was to release a report on German business climate.