The Australian dollar grinded lower on Monday on concerns that monetary tightening across Asia could slow economies in the region and hurt demand for Australian commodity exports. The Australian dollar retreated for the third day in the row to $0.9865, from $0.9908 in early trade. The currency initially bounced from a low of $0.9856 seen offshore but lost some of its gains over concerns about economic growth in the region.
Support is now around $0.9842, with resistance up at $0.9994. The New Zealand dollar was largely a bystander to broader market developments, staying towards the lower end of a tight range. It stood at $0.7675/80, having spent the session between $0.7676 and $0.7692. It touched a 10-day high of $0.7728 on Friday. The Aussie was sitting just above Friday's seven-week low against the kiwi at NZ$1.2840/50.
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