The Australia Dollar closed marginally lower against its US counterpart, opening this morning at 0.7527. Trading sideways for the majority of the overnight, the Aussie oscillated between resistance at 0.7580 and support at 0.7540, with all market participants finding little news to digest. Thinly traded for much of the day due to public holidays in the US and UK, the AUD found itself trading within a tight range.
With a bare macroeconomic calendar both domestically and internationally to drive momentum, sentiment provided the initiative with headlines from Europe and the US dominating market attention. At the slightest sign of trouble, investors found their haven in the Greenback, forcing it higher against all counterparts despite the public holidays.
The Australian Dollar now enters another day with an empty calendar to look forward to. Traders during the Asian session turn to equity and commodity markets for sentiment with their periphery focused on the headlines from the rest of the world to spark the market. Looking further into the week, Wednesday is a little more interesting with data from the US and NZ to spur the market.