Investing.com - The Australian dollar was steady against its U.S. counterpart on Monday, after the release of downbeat Australian home loans data, while concerns over the U.S. government shutdown continued to weigh.
AUD/USD hit 0.9429 during late Asian trade, the session low; the pair subsequently consolidated at 0.9464, easing 0.02%.
The pair was likely to find support at 0.9390, the low of October 10 and resistance at 0.9524, the high of September 19.
Official data showed that home loans in Australia fell 3.9% in August, exceeding expectations for a 2.5% decline, after a downwardly revised 2.1% rise the previous month.
Meanwhile, negotiations between U.S. President Barack Obama and House Republicans broke down over the weekend, fuelling concerns that a deal to raise the government borrowing limit would not be struck ahead of Thursday’s deadline to avert an unprecedented U.S. sovereign debt default.
Central bankers and finance ministers in Washington for the annual meeting of the International Monetary Fund and World Bank over the weekend called for “urgent action” to break the deadlock.
Elsewhere, data on Sunday showed that China’s trade surplus narrowed sharply in September as exports declined unexpectedly, fuelling concerns over the global economy.
China’s trade surplus narrowed to USD15.2 billion last month from a surplus of USD28.6 billion in August, compared to estimates for a surplus of USD27.7 billion.
China is Australia's biggest export partner.
The Aussie was lower against the euro with EUR/AUD adding 0.22%, to hit 1.4336.
AUD/USD hit 0.9429 during late Asian trade, the session low; the pair subsequently consolidated at 0.9464, easing 0.02%.
The pair was likely to find support at 0.9390, the low of October 10 and resistance at 0.9524, the high of September 19.
Official data showed that home loans in Australia fell 3.9% in August, exceeding expectations for a 2.5% decline, after a downwardly revised 2.1% rise the previous month.
Meanwhile, negotiations between U.S. President Barack Obama and House Republicans broke down over the weekend, fuelling concerns that a deal to raise the government borrowing limit would not be struck ahead of Thursday’s deadline to avert an unprecedented U.S. sovereign debt default.
Central bankers and finance ministers in Washington for the annual meeting of the International Monetary Fund and World Bank over the weekend called for “urgent action” to break the deadlock.
Elsewhere, data on Sunday showed that China’s trade surplus narrowed sharply in September as exports declined unexpectedly, fuelling concerns over the global economy.
China’s trade surplus narrowed to USD15.2 billion last month from a surplus of USD28.6 billion in August, compared to estimates for a surplus of USD27.7 billion.
China is Australia's biggest export partner.
The Aussie was lower against the euro with EUR/AUD adding 0.22%, to hit 1.4336.