Investing.com – The Aussie tumbled against the U.S. dollar on Tuesday, hitting a 10-month low amid persisting fears that Europe’s debt problems will undermine the global economic recovery.
AUD/USD hit 0.8066 during European morning trading, its lowest level since July 2009; the pair subsequently consolidated around 0.8107, shedding 1.92%.
The pair was likely to find support at 0.7701, the low of July 13, 2009, and resistance at 0.8365, last Friday’s high.
Also Tuesday, the National Australia Bank dropped its forecast for the Australian dollar to reach parity with the greenback this year.
The Aussie also tumbled versus the yen on Tuesday, with AUD/JPY falling a staggering 3.2% to hit 72.27.
Later in the day, the Conference Board, a research group, was due to publish a closely watched report on U.S. consumer confidence. The data, which is based on a survey of about 5,000 households, is an important signal of consumer spending.
AUD/USD hit 0.8066 during European morning trading, its lowest level since July 2009; the pair subsequently consolidated around 0.8107, shedding 1.92%.
The pair was likely to find support at 0.7701, the low of July 13, 2009, and resistance at 0.8365, last Friday’s high.
Also Tuesday, the National Australia Bank dropped its forecast for the Australian dollar to reach parity with the greenback this year.
The Aussie also tumbled versus the yen on Tuesday, with AUD/JPY falling a staggering 3.2% to hit 72.27.
Later in the day, the Conference Board, a research group, was due to publish a closely watched report on U.S. consumer confidence. The data, which is based on a survey of about 5,000 households, is an important signal of consumer spending.