Investing.com - The Australian dollar dipped lower against its U.S. counterpart in quiet trade on Monday, ahead of a report on the U.S. economy to the Senate by Federal Reserve Chairman Ben Bernanke on Tuesday.
AUD/USD hit 1.0213 during late Asian trade, the session low; the pair subsequently consolidated at 1.0217, dipping 0.10%.
The pair was likely to find support at 1.0121, Friday’s low and short-term resistance at 1.0280, the high of July 11.
Investors were looking ahead to Bernanke's testimony to the Senate on Tuesday, amid ongoing speculation over whether the U.S. central bank will introduce more easing to stimulate the economy.
In June, Bernanke said the Fed remained prepared to take additional steps to support economic growth if necessary, including additional asset purchases.
The Aussie remained supported after data on Friday showed that China’s economy expanded 7.6% in the second quarter, in line with expectations. China is Australia’s largest export destination.
Trade volumes remained light on Monday, with markets in Japan closed for a national holiday.
The Aussie was lower against the yen, with AUD/JPY down 0.28% to 80.74 but pushed higher against the euro, with EUR/AUD losing 0.13% to trade at 1.1960.
Later in the day, the U.S. was to publish official data on retail sales and business inventories, as well as a report on manufacturing activity in New York.
AUD/USD hit 1.0213 during late Asian trade, the session low; the pair subsequently consolidated at 1.0217, dipping 0.10%.
The pair was likely to find support at 1.0121, Friday’s low and short-term resistance at 1.0280, the high of July 11.
Investors were looking ahead to Bernanke's testimony to the Senate on Tuesday, amid ongoing speculation over whether the U.S. central bank will introduce more easing to stimulate the economy.
In June, Bernanke said the Fed remained prepared to take additional steps to support economic growth if necessary, including additional asset purchases.
The Aussie remained supported after data on Friday showed that China’s economy expanded 7.6% in the second quarter, in line with expectations. China is Australia’s largest export destination.
Trade volumes remained light on Monday, with markets in Japan closed for a national holiday.
The Aussie was lower against the yen, with AUD/JPY down 0.28% to 80.74 but pushed higher against the euro, with EUR/AUD losing 0.13% to trade at 1.1960.
Later in the day, the U.S. was to publish official data on retail sales and business inventories, as well as a report on manufacturing activity in New York.