The AUD/USD pair fell with the beginning of the week as the US dollar advanced against most of its major counterparts amid risk aversion that controlled the FX market.
The Australian dollar lost momentum against the greenback and other majors after the Australian trade surplus narrowed more than expected, reducing demand for the Aussie.
On the other hand, the US dollar was able to regain grounds against other majors as risk aversion dominated the market after the EU leaders’ summit failed to provide the market with solid measures to contain the debt crisis.
On Tuesday at 00:30 GMT, Australia will issue NAB Business Confidence for November, which had a previous reading of 2, while the NAB Business Condition had a prior reading of –1.
The United States will release the Advance Retail Sales Index for November at 13:30 GMT where it is expected with 0.6% rise after 0.5%.
The U.S. Business Inventories for October will be released at 15:00 GMT where it’s expected to come at 0.3% from the previous reading of 0.0%.
At 19:15 GMT, the Federal Reserve Bank will announce the Federal Open Market Committee Rate Decision, where the central bank is expected to keep the rate steady near zero.