Investing.com - The Australian dollar was steady against its U.S. counterpart in thin trade on Wednesday, as uncertainty over the outcome of Italian bond auctions later in the day weighed on market sentiment.
AUD/USD hit 1.0140 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0152, easing 0.04%.
The pair was likely to find support at 1.0060, the low of December 22 and resistance at 1.0218, the high of December 21.
With most investors already away on year-end leave, trading volumes were low, resulting in subdued trade.
Italy was scheduled to sell EUR9 billion euros of 179-day bills and EUR2.5 billion euros of zero-coupon 2013 securities later Wednesday.
Markets were jittery as the yield on Italy’s ten-year bonds remained close to the 7% threshold ahead of the auctions, a level widely considered unsustainable and above which other euro zone governments had been forced to seek bailouts.
The Aussie was moderately higher against the euro with EUR/AUD edging down 0.06% to hit 1.3130.
Earlier Wednesday, data showed that industrial production in Japan fell 2.6% in November, while retail sales declined 2.3%, underscoring the negative effects of a strong yen and a global slowdown on the domestic economy.
Japan is Australia’s largest export partner.
AUD/USD hit 1.0140 during late Asian trade, the daily low; the pair subsequently consolidated at 1.0152, easing 0.04%.
The pair was likely to find support at 1.0060, the low of December 22 and resistance at 1.0218, the high of December 21.
With most investors already away on year-end leave, trading volumes were low, resulting in subdued trade.
Italy was scheduled to sell EUR9 billion euros of 179-day bills and EUR2.5 billion euros of zero-coupon 2013 securities later Wednesday.
Markets were jittery as the yield on Italy’s ten-year bonds remained close to the 7% threshold ahead of the auctions, a level widely considered unsustainable and above which other euro zone governments had been forced to seek bailouts.
The Aussie was moderately higher against the euro with EUR/AUD edging down 0.06% to hit 1.3130.
Earlier Wednesday, data showed that industrial production in Japan fell 2.6% in November, while retail sales declined 2.3%, underscoring the negative effects of a strong yen and a global slowdown on the domestic economy.
Japan is Australia’s largest export partner.