Investing.com - The Australian dollar edged higher against its U.S. counterpart on Monday, as market sentiment improved after Italy announced a series of new austerity measures and ahead of a key economic summit this week.
AUD/USD hit 1.0258 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0239, rising 0.24%.
The pair was likely to find support at 1.0112, the low of November 15 and resistance at 1.0342, the high of November 14.
The Aussie found support after Italy, one of the most severely debt-stricken euro zone countries, unveiled a EUR30 billion package of austerity measures on Sunday, which includes raising taxes and increasing the pension age.
Later Monday, German Chancellor Angela Merkel and French President Nicolas Sarkozy were to meet in order to outline joint proposals for more coercive budget discipline in the single currency bloc, ahead of Friday’s European Union summit.
In Australia, industry data showed that job advertisements were flat in November after a 0.6% decline the previous month. October’s figure had been revised up to minus 0.6% from minus 0.7%.
A separate report showed that company operating profits in Australia fell less-than-expected in the third quarter, declining to 4.8% after a reading at 7.3% the previous quarter.
Analysts had expected company operating profits to fall to 3.1% in the third quarter.
Elsewhere, the Aussie was down against the euro with EUR/AUD advancing 0.11%, to hit 1.3127.
Later in the day, the U.S. Institute of Supply Management was to release a report on service sector activity. The U.S. was also to publish government data on factory orders.
AUD/USD hit 1.0258 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0239, rising 0.24%.
The pair was likely to find support at 1.0112, the low of November 15 and resistance at 1.0342, the high of November 14.
The Aussie found support after Italy, one of the most severely debt-stricken euro zone countries, unveiled a EUR30 billion package of austerity measures on Sunday, which includes raising taxes and increasing the pension age.
Later Monday, German Chancellor Angela Merkel and French President Nicolas Sarkozy were to meet in order to outline joint proposals for more coercive budget discipline in the single currency bloc, ahead of Friday’s European Union summit.
In Australia, industry data showed that job advertisements were flat in November after a 0.6% decline the previous month. October’s figure had been revised up to minus 0.6% from minus 0.7%.
A separate report showed that company operating profits in Australia fell less-than-expected in the third quarter, declining to 4.8% after a reading at 7.3% the previous quarter.
Analysts had expected company operating profits to fall to 3.1% in the third quarter.
Elsewhere, the Aussie was down against the euro with EUR/AUD advancing 0.11%, to hit 1.3127.
Later in the day, the U.S. Institute of Supply Management was to release a report on service sector activity. The U.S. was also to publish government data on factory orders.