Forex - AUD/USD hits 2-week low as euro debt fears weigh
Investing.com
Published Jul 12, 2011 03:02AM ET
AUD/USD hit 1.0568 during late Asian trade, the pair’s lowest since June 29; the pair subsequently consolidated at 1.0577, shedding 0.73%.
The pair was likely to find support at 1.0434, the low of June 28 and resistance at 1.0731, Monday’s high.
Monday’s emergency meeting by senior European Union policymakers failed to soothe market fears that the region’s sovereign debt crisis may spread from Greece to Italy or Spain.
Earlier Tuesday, a report showed that the National Australia Bank business confidence index fell to zero in June, down from 6 in May, amid lingering uncertainty about the outlook for the economy.
‘‘The high Australian dollar, continued cautiousness of households and concerns about the global outlook appear to be eroding sentiment,’’ NAB chief economist Alan Oster said.
The Aussie was also sharply lower against the yen, with AUD/JPY tumbling 1.08% to hit 84.58.
Later in the day, the U.S. was to publish data on the trade balance, while the Federal Reserve was to publish the minutes of its June policy-setting meeting.
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Written By: Investing.com
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