Australian dollar eases

The Australian dollar ended on Monday just short of 72.50 US cents after reaching a fresh two-month high earlier in the session.
The Aussie was buying $0.7243/48, still up from $0.7133/38 late here on Friday but off a session peak of $0.7264.
The 72.50-cent level is important to chartists, representing a 38.2 percent Fibonacci retracement of the sell-off from the seven-year high of 80.05 cents in February down to an eight-month low of 67.70 cents last month.
"If you are bullish the Australian dollar, the break is technically and psychologically important. If you are bearish, though, you are probably pointing to the lack of follow-through momentum," said Geoff Bowmer, divisional director of foreign exchange at Macquarie Bank.
"We think the Australian dollar could sustain these sort of levels for another week or so but ... many of the positives that drove the Aussie to $0.8000 earlier in the year are no longer as robust," he said.