Forex News: Australian Dollar Down In Cautious Trade

Australian Dollar Down In Cautious Trade

(RTTNews) - The Australian dollar moved down against its major counterparts in the European session on Monday, as investors became cautious ahead of interest rate decisions from major central banks due this week.

The Fed holds its policy meeting this week and markets expect a 25 basis point increase in interest rates.

Investors focus on Fed Chair Jerome Powell's post-meeting news conference on Wednesday for more signals on policy path.

The European Central Bank and the Bank of England are expected to raise their rates by 50 basis points each.

Oil prices fell amid concerns about economic growth and the outlook for oil demand.

The aussie dropped to 5-day lows of 0.7069 against the greenback and 0.9426 against the loonie, from its early highs of 0.7120 and 0.9471, respectively. The next possible support for the aussie is seen around 0.69 against the greenback and 0.92 against the loonie.

The aussie weakened to 5-day lows of 1.0897 against the kiwi and 1.5408 against the euro, off its early highs of 1.0957 and 1.5267, respectively. The aussie is seen finding support around 1.06 against the kiwi and 1.57 against the euro.

The aussie fell to a 5-day low of 91.61 against the yen at 2:25 am ET, reversing from an early 4-day high of 92.65. At Friday's close, the pair was worth 92.27.

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