Forex Pros - The Australian dollar was trading close to a three-week low against its U.S. counterpart on Monday, as commodity prices weakened, dampening demand for the commodity linked currency.
AUD/USD hit 1.0527 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0551, slipping 0.22%.
The pair was likely to find support at 1.0442, the low of April 19 and resistance at 1.0716, last Friday's high.
The Australian dollar also came under pressure after a government report showed that home-loan approvals unexpectedly dropped to a 10-year low in March as higher interest rates deterred homebuyers.
The Bureau of Statistics said the number of loans granted to owner-occupiers to build or buy houses and flats in Australia dropped 1.5% to 44,968 in March. Analysts had expected home-loan approvals to rise by 2.3%.
Meanwhile, the Aussie was higher against the yen, with AUD/JPY rising 0.23% to hit 85.60.
Later in the day, the U.S. was to publish official data on manufacturing activity in New York state, while Federal Reserve Chairman Ben Bernanke was to speak.
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