Forex - AUD/USD lower, focus on Greek debt swap deal

Published 03/05/2012, 03:02 AM
AUD/USD
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EUR/AUD
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Investing.com - The Australian dollar was lower against its U.S. counterpart on Monday, as investors waited for Greece’s private creditors to sign off on a debt swap deal and after weak Australian economic data.

AUD/USD hit 1.0702 during late Asian trade, the pair’s lowest since February 27; the pair subsequently consolidated at 1.0706, shedding 0.23%.

The pair was likely to find support at 1.0650, the low of February 27 and resistance at 1.0756, the high of February 21.

Concerns over Greece’s debt burden persisted ahead of the March 8 deadline for bondholders to join the agreement under which they will exchange their existing Greek government bonds for new paper in a swap deal.

Meanwhile, a report by the Australian Industry Group showed that its services index declined to 46.7 in February from 51.9 the previous month.  
Above 50.0 indicates industry expansion, below indicates contraction.

A separate report showed that company operating profits in Australia fell unexpectedly in the fourth quarter, tumbling 6.5% after a 4.7% rise the previous quarter.

Analysts had expected company operating profits to rise 0.2% in the fourth quarter.

Industry data showed earlier that job advertisements in Australia rose 3.3% in February after a 7.5% increase the previous month.

Elsewhere, the Aussie was lower against the euro with EUR/AUD adding 0.15%, to hit 1.2316.

Later in the day, the U.S. was to produce government data on factory orders, while the Institute of Supply Management was to release a report on service sector growth.


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