The Australian dollar managed to steer clear of being sucked into a sharp euro sell-off on Monday with local activity thinned by a holiday for ANZAC Day in most parts of Australia.
Still, the Aussie, which has a high correlation with the euro, was down around a quarter US cent from Friday's New York close with the US dollar.
The AUD was $0.7293/99 compared with $0.7324 at the New York close and $0.7341/46 late here on Friday.
While lower, the Aussie has yet to retest last week's low of $0.7230 hit after it suffered a mass rejection at $0.75 against the backdrop of upbeat comments on the US economic outlook by Federal Reserve Chairman Alan Greenspan.
The euro fell to a fresh five-month low below $1.1780 from $1.1840 against the US dollar in New York as the market refocused on potentially higher interest rates in the United States with little from this weekend's G7 meeting to stir trade.
The Aussie/euro cross-firmed to $0.6188/95 from $0.6157/63 late here on Friday.