Investing.com - The Australian dollar was lower against its U.S. counterpart on Tuesday, as market sentiment waned after downbeat German consumer climate data amid sustained concerns over further debt contagion in the euro zone.
AUD/USD hit 1.0504 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0514, shedding 0.18%.
The pair was likely to find support at 1.0456, the low of March 20 and resistance at 1.0574, the high of March 12.
The risk-related Aussie weakened after a Gfk report showed that an index of consumer climate for Germany fell unexpectedly in March, ticking down to 5.9 from 6.0 the previous month.
Sentiment also remained under pressure after Italian Prime Minister Mario Monti warned over the weekend that the threat of contagion from Spain could cause the region’s debt crisis to flare up again.
Meanwhile, dovish comments by Federal Reserve Chairman Ben Bernanke continued to weigh on the U.S. dollar.
At a meeting on Monday, Bernanke said that further monetary accommodation is needed to bring about big gains in the U.S. jobs market, which he described as “far from normal,” despite a recent improvement.
The Aussie was almost unchanged against the euro with EUR/AUD inching 0.04% lower, to hit 1.2678.
Later in the day, the U.S. was to release a Standard & Poor’s/Case Shiller report on house price inflation report, as well as industry data on consumer confidence.
AUD/USD hit 1.0504 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0514, shedding 0.18%.
The pair was likely to find support at 1.0456, the low of March 20 and resistance at 1.0574, the high of March 12.
The risk-related Aussie weakened after a Gfk report showed that an index of consumer climate for Germany fell unexpectedly in March, ticking down to 5.9 from 6.0 the previous month.
Sentiment also remained under pressure after Italian Prime Minister Mario Monti warned over the weekend that the threat of contagion from Spain could cause the region’s debt crisis to flare up again.
Meanwhile, dovish comments by Federal Reserve Chairman Ben Bernanke continued to weigh on the U.S. dollar.
At a meeting on Monday, Bernanke said that further monetary accommodation is needed to bring about big gains in the U.S. jobs market, which he described as “far from normal,” despite a recent improvement.
The Aussie was almost unchanged against the euro with EUR/AUD inching 0.04% lower, to hit 1.2678.
Later in the day, the U.S. was to release a Standard & Poor’s/Case Shiller report on house price inflation report, as well as industry data on consumer confidence.