Investing.com - The Australian dollar held steady against its U.S. counterpart on Monday, as demand for the greenback remained supported after upbeat U.S. data on Friday added to expectations for an upcoming rate hike by the Federal Reserve.
AUD/USD hit 0.7704 during late Asian trade, the session low; the pair subsequently consolidated at 0.7726.
The pair was likely to find support at 0.7674, Friday's low and resistance at 0.7793, the high of June 11.Data on Friday showed that U.S. consumer confidence improved in June as signs of improvement in the labor market spurred expectations for wage gains.
The preliminary reading of the University of Michigan's consumer sentiment index rose to 94.6 this month from 90.7 in May.
Another report showed that the U.S. producer price index rose 0.5% in May, the largest increase since September 2012.
The data came after other economic reports earlier in the week, including on retail sales, underlined the view that the economy is regaining momentum in the current quarter after a lackluster first quarter.
The Aussie was higher against the euro, with EUR/AUD sliding 0.37% to 1.4511.