Australian down half a cent against the USD

The Australian dollar opened half a cent lower this morning after being kept to a fairly tight trading range during Friday’s local session.
After closing at 0.7585 the Aussie edged higher, reaching an overnight high of 0.7605. The AUD followed the oil prices lower during the New York session. Importers began selling off the local unit causing it to slide back down towards 0.7551. It has managed to hold onto this level this morning but looks quite shaky.
The Aussie has opened lower against all the major currencies with the exception of the Kiwi dollar. The Euro and Pound crosses lost over 30 points while the AUD/JPY fell below 83.00. Speculation that Europe will increase their interest rates rose as the growth rate for Europe’s money supply, which is a key economic indicator, came in well above expectations.
There are various data releases out this week, which will influence the Aussie in our time zone. The Trade Balance deficit, which is announced on Tuesday, is expected to have widened and we also have the current account and building approvals on Wednesday.
The current support levels for the Aussie will be tested this week. If it drops below 0.7530 it may struggle to rebound.