The Australian dollar stabilized Monday ahead of a jam-packed trading week.
The Aussie stood at 62.83 euro cents from Friday’s 63.02 euro cents, and 70.28 US cents from 70.33 US cents.
We expect the currency to be backed by a more cautiously upbeat RBA following its policy meeting Tuesday “and solid Australian building approvals and Australian retail sales,” said Joseph Capurso, Senior Currency Strategist at CBA.
Both building approvals and housing credit for August are due Tuesday.
The material has been provided by InstaForex Company – www.instaforex.com