Investing.com - The Australian dollar was lower against its U.S. counterpart on Monday, as concerns over the debt crisis in the euro zone reemerged after the Group of 20 nations rebuffed European demands for more international aid.
AUD/USD hit 1.0659, the pair’s lowest since February 23; the pair subsequently consolidated at 1.0674, shedding 0.21%.
The pair was likely to find support at 1.0604, the low of February 22 and resistance at 1.0737, the high if February 14.
At the G20 summit in Mexico City over the weekend, European members were told they must come up with more financial firepower to fight the region’s debt crisis in return for more help from the rest of the world, putting pressure on Germany to drop its opposition to a bigger European bailout.
Germany has remained opposed to enlarging the size of the European Stability Mechanism, the permanent euro zone bailout fund that is to become active this year.
Markets were also jittery as Germany’s parliament was preparing to vote later Monday on a EUR130 billion bailout package for Greece, which was agreed upon by euro zone finance ministers last week.
The Aussie was fractionally lower against the New Zealand dollar with AUD/NZD edging down 0.02%, to hit 1.2789.
Also Monday, official data showed that New Zealand’s trade balance swung to a deficit of NZD199 million in January, from a surplus of NZD306 million the previous month.
Economists had expected the trade surplus to narrow to NZD167 million in January.
Later in the day, the U.S. was to publish industry data on pending home sales.
AUD/USD hit 1.0659, the pair’s lowest since February 23; the pair subsequently consolidated at 1.0674, shedding 0.21%.
The pair was likely to find support at 1.0604, the low of February 22 and resistance at 1.0737, the high if February 14.
At the G20 summit in Mexico City over the weekend, European members were told they must come up with more financial firepower to fight the region’s debt crisis in return for more help from the rest of the world, putting pressure on Germany to drop its opposition to a bigger European bailout.
Germany has remained opposed to enlarging the size of the European Stability Mechanism, the permanent euro zone bailout fund that is to become active this year.
Markets were also jittery as Germany’s parliament was preparing to vote later Monday on a EUR130 billion bailout package for Greece, which was agreed upon by euro zone finance ministers last week.
The Aussie was fractionally lower against the New Zealand dollar with AUD/NZD edging down 0.02%, to hit 1.2789.
Also Monday, official data showed that New Zealand’s trade balance swung to a deficit of NZD199 million in January, from a surplus of NZD306 million the previous month.
Economists had expected the trade surplus to narrow to NZD167 million in January.
Later in the day, the U.S. was to publish industry data on pending home sales.