Investing.com – The Australian dollar was almost unchanged against its U.S. counterpart on Monday, as trading volumes were expected to remain light with no U.S. economic reports to be released throughout the session.
AUD/USD hit 0.9403 during late Asian trade, the session high; the pair subsequently consolidated at 0.9401, adding 0.05%.
The pair was likely to find support at 0.9342, the low of July 7 and resistance at 0.9456, the high of July 10.
Sentiment on the greenback remained vulnerable after last week’s minutes of the Federal Reserve’s June meeting showed that officials agreed to end the bank’s asset purchase program in October, but revealed little new information on when rates could start to increase.
Meanwhile, market sentiment recovered after concerns over the fiscal stability of Portugal’s Banco Espirito Santo fuelled a sharp selloff in markets on Thursday, amid fears over the risk of contagion. Concerns eased after Portugal’s central bank said Friday it was satisfied that the lender is able to fulfill its capital requirements.
The Aussie was higher against the euro, with EUR/AUD edging down 0.10% to 1.4471.