Investing.com - The Australian dollar was lower against its U.S. counterpart on Monday, as concerns over the outcome of U.S. budget negociations weighed, although signs of progress in handling the debt crisis in the euro zone supported sentiment.
AUD/USD hit 1.0527 during late Asian trade, the session low; the pair subsequently consolidated at 1.0534, sliding 0.31%.
The pair was likely to find support at 1.0523, the low of December 12 and resistance at 1.0577, the high of December 14.
Investor focus shifted back to negotiations to avoid the U.S. fiscal cliff following the central bank announcement, amid concerns that the automatic tax hikes and spending cuts due to take effect on January 1st could derail the U.S. recovery.
Meanwhile, sentiment remained supported by optimism over signs of headway in dealing with the debt crisis in the region after finance ministers agreed a deal on rules for supervising banks.
Ministers also released EUR49.1 billion of financial aid for Greece, after the country completed a scheme to buy back its debt from private investors last week.
The Aussie was lower against the euro with EUR/AUD rising 0.28%, to hit 1.2491.
Later in the day, the U.S. was to publish official data on manufacturing activity in New York State, as well as a report on the balance of domestic and foreign investment in U.S. securities.
AUD/USD hit 1.0527 during late Asian trade, the session low; the pair subsequently consolidated at 1.0534, sliding 0.31%.
The pair was likely to find support at 1.0523, the low of December 12 and resistance at 1.0577, the high of December 14.
Investor focus shifted back to negotiations to avoid the U.S. fiscal cliff following the central bank announcement, amid concerns that the automatic tax hikes and spending cuts due to take effect on January 1st could derail the U.S. recovery.
Meanwhile, sentiment remained supported by optimism over signs of headway in dealing with the debt crisis in the region after finance ministers agreed a deal on rules for supervising banks.
Ministers also released EUR49.1 billion of financial aid for Greece, after the country completed a scheme to buy back its debt from private investors last week.
The Aussie was lower against the euro with EUR/AUD rising 0.28%, to hit 1.2491.
Later in the day, the U.S. was to publish official data on manufacturing activity in New York State, as well as a report on the balance of domestic and foreign investment in U.S. securities.