Investing.com - The Australian dollar was steady against its U.S. counterpart on Thursday, hovering close to a 13-day low as sustained concerns over a possible mass downgrade in the euro zone continued to weigh on market sentiment.
AUD/USD hit 0.9862 during late Asian trade, the pair’s lowest since November 28; the pair subsequently consolidated at 0.9924, rising 0.15%.
The pair was likely to find support at 0.9789, the low of November 28 and resistance at 1.0012, the high of November 21.
Market sentiment has weakened in recent days on the view that last week's European Union summit did not result in a decisive plan to resolve the debt crisis in the region.
Investors were also concerned after Italy’s Treasury sold EUR3 billion of five-year government bonds on Wednesday, at an average yield of 6.47%, a euro era high, after paying 6.29% at a similar auction in November.
In Australia, the Melbourne Institute said that its inflation expectations slightly eased to 2.4% in December from 2.5% the previous month.
A separate report showed that new motor vehicle sales in Australia fell 0.7% in November after a 1% increase the previous month.
Elsewhere, the Aussie was lower against the euro with EUR/AUD rising 0.19%, to hit 1.3126.
Later in the day, The U.S. was to produce its weekly report on initial jobless claims, as well as government data on producer price inflation and manufacturing activity in Philadelphia and New York State.
AUD/USD hit 0.9862 during late Asian trade, the pair’s lowest since November 28; the pair subsequently consolidated at 0.9924, rising 0.15%.
The pair was likely to find support at 0.9789, the low of November 28 and resistance at 1.0012, the high of November 21.
Market sentiment has weakened in recent days on the view that last week's European Union summit did not result in a decisive plan to resolve the debt crisis in the region.
Investors were also concerned after Italy’s Treasury sold EUR3 billion of five-year government bonds on Wednesday, at an average yield of 6.47%, a euro era high, after paying 6.29% at a similar auction in November.
In Australia, the Melbourne Institute said that its inflation expectations slightly eased to 2.4% in December from 2.5% the previous month.
A separate report showed that new motor vehicle sales in Australia fell 0.7% in November after a 1% increase the previous month.
Elsewhere, the Aussie was lower against the euro with EUR/AUD rising 0.19%, to hit 1.3126.
Later in the day, The U.S. was to produce its weekly report on initial jobless claims, as well as government data on producer price inflation and manufacturing activity in Philadelphia and New York State.