The Australian and New Zealand dollars were subdued on Monday as investors reacted cautiously to the latest eurozone fiscal union agreement which many doubted would fix the region's debt woes, at least in the near term. The Aussie had a soft tone all session and was last at $1.0171, from $1.0211 on Friday in New York. That was still well above 10-day lows of $1.0048 hit at one point Friday.
The Antipodeans were softer against the euro and safe-haven yen but well-above Friday's 10-day troughs. Against the kiwi, the Aussie was dead-calm at NZ$1.3170, having been stuck in a tight range of NZ$1.3069-$1.3243 since November 21. The kiwi was subdued at $0.7720, versus $0.7750 in New York, having reached a 10-day trough of $0.7636 offshore. Support was seen around $0.7725 and then $0.7700 with $0.7760/70 set to be resistance.