Shutterstock photo
Markets

Forex - AUD/USD almost unchanged in cautious trade

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - The Australian dollar was almost unchanged against its U.S. counterpart on Monday, amid ongoing concerns over violence in Iraq, while Friday's U.S. data weighed on demand for the greenback.

AUD/USD hit 0.9417 during late Asian trade, the session high; the pair subsequently consolidated at 0.9404, inching up 0.03%.

The pair was likely to find support at 0.9343, the low of June 10 and resistance at 0.9461, the high of April 10.

Concerns over the ongoing Sunni insurgency in Iraq continued to weigh on market sentiment, amid fears over the impact of reduced oil supply from one of the world's largest producers on global growth.

Meanwhile, the greenback remained under pressure after the preliminary reading of the University of Michigan's consumer sentiment index for June came in at 81.2 on Friday, down from 81.9 in May, missing expectations for an uptick to 83.0.

The Aussie was steady against the euro, with EUR/AUD easing up 0.01% to 1.4405.

Later in the day, the U.S. was to produce data on industrial production and manufacturing activity in the Empire State.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx