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Forex - AUD/USD eases off all-time high after bin Laden death

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Forex Pros - The Australian dollar eased off an all-time high against the U.S. dollar on Monday, after U.S. President Barack Obama said al-Qaeda leader Osama bin Laden had been killed in Pakistan.

AUD/USD retreated from 1.1009, the pair's highest level since it was floated in December 1983, to hit 1.0937 during late Asian trade, sliding 0.31%.

The pair was likely to find support at 1.0850, last Thursday's low and short-term resistance at 1.1009, the days high.

The U.S. dollar was strengthened by the perception that bin Laden's death could make the U.S. less subject to further terrorist attacks.

Speaking late on Sunday, President Obama said bin Laden was killed by U.S. forces during a gun battle outside Pakistan's capital, Islamabad. The president said he authorized the attack after he determined last week there was enough intelligence to take action.

The Australian dollar climbed earlier on speculation increasing commodity prices will keep pressure on the central bank to raise interest rates.

Meanwhile, the Aussie was slightly higher against the yen, with AUD/JPY easing up 0.04% to hit 89.09.

Later in the day, the U.S. Institute for Supply Management was to publish its manufacturing PMI.

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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.

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