Australian dollar was trading on lower levels against the greenback during early European session on Monday, because of the lack of clarity, regarding the timing of Federal Reserve Banks asset purchase scale back.
AUD/USD reached its lowest point today at 0.9171 at 0:00 GMT, after which consolidation followed at 0.9184, still erasing 0.15% daily. Support for the pair was likely to be found at August 9th low, 0.9087, while resistance was to be met at July 24th high, 0.9318.
The Reserve Bank of Australia announced in its quarterly outlook on policy on Friday that the Gross Domestic Product in the country will expand by 2.25% in the year to December 2013, which was a revision down in comparison with a 2.5% GDP forecast, made three months ago.
In the mean time, the greenback showed weakness against most of its major peers last week, following the disappointing non-farm payrolls report on August 2nd, which stated economy added fewer than anticipated job positions during July. This made market players reassess their expectations, regarding the timing of Feds bond purchase pare back.
The United States was to release a report on retail sales on Tuesday, followed by statements by Federal Reserve Bank officials later in the week.
Elsewhere, the Australian currency was gaining against the New Zealand dollar, as AUD/NZD pair added 0.18% to trade at 1.1457 at 7:18 GMT. The Aussie was almost unchanged versus the euro, with EUR/AUD cross dipping 0.01% to 1.4523 at 7:19 GMT.
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