Monday during early European deals, the Australian dollar declined to a 5-day low against the US dollar. The Aussie also showed weakness against the European currency, the Japanese yen and the Canadian dollar.
Against the US dollar, the Australian currency lost ground after hitting a high of 06453 during Monday's early Asian deals. At 5:10 am ET, the aussie-dollar pair declined to a 5-day low of 0.6358, compared to 0.6408 hit late New York Friday. If the aussie falls further, 0.628 is seen as the next target level.
The Australian dollar that closed Friday's North American session at 1.9741 against the European currency slipped to 1.9850 at 5:15 am ET Monday. On the downside, 1.999 is seen as the next target level for the Australian currency.
Against the Japanese yen, the Australian currency showed weakness during early deals on Monday. At 5:15 am ET, the aussie-yen pair touched a low of 62.65, compared to Friday's closing value of 63.05. The pair is currently trading at 62.84 with 61.6 seen as the next target level.
Japan's unadjusted current account swung to a deficit for the first time in 13 years in January, the Ministry of Finance said today, posting a record shortfall of 172.8 billion yen for the 10th straight month of surplus contraction.
That was sharply lower than analyst expectations for a 15.3 billion yen deficit after the 125.4 billion yen surplus in December. The current account surplus was 581.2 billion yen in November and 960.5 billion yen in October.
Also, Japan's M2 money supply was up 2.1 percent on year in February, the Bank of Japan said, coming in at 743.1 trillion yen. That follows a revised 2.0 percent annual expansion in January. The M3 money supply added an annual 1.1 percent, the data showed, coming in a 1041.9 trillion yen. Included in that figure, M1 was down 0.4 percent while CDs were up 1.3 percent.
The aussie that hit a 5-day high of 0.8280 against the Canadian dollar during Monday's early Asian deals weakened thereafter. At 5:10 am ET, the aussie-loonie pair dropped to 0.8204, compared to last week's closing value of 0.8250. If the pair falls further, 0.802 is seen as the next support level.
There are no significant economic reports scheduled to be released from US today.
