Economic data, released from China during the weekend put selling pressure upon the Australian dollar on Monday, as AUD/USD fell to fresh twenty-month low.
The cross slid to 0.9392 during the later phase of Asian trade, lowest value since October 4th 2011, after which consolidation followed at 0.9420. The pair was down by 0.74% for the day. Support was expected at 0.9390, lowest of October 4th 2011, while resistance was to be met at 0.9574, highest value of June 7th.
Official report stated that Chinese Consumer Price Index dropped to 2.1% during May on annual basis, slowing down in comparison with the April reading, 2.4%. Experts projected a rise to 2.5%.
Additionally, Industrial Production in China increased by 9.2% in May on annual basis, below expectations for a 9.4% rise, while the indicator added 9.3% in April. This data weighed on Aussie, because China is Australias largest export partner.
Meanwhile, US dollar was supported after on Friday data showed that U.S. economy added 175 000 jobs during May, improving compared to Aprils results, 149 000 jobs, according to revised data. Experts projected an increase by 163 000.
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