The Australian dollar tested support in the face of a strengthening US dollar on Monday, risking a further retracement after the unit dipped through 74.40 US cents.
The AUD was on the back-foot for much of the local session after failing to hold an offshore spike through 75 cents, although there is still a cushion before the market re-tests the low of the year at 72.50 cents.
Still, the US dollar was looking uncertain late in the day as geopolitical tensions intensified as the Israeli army killed Sheikh Ahmed Yassin, in an air strike.
The AUD was $0.7444/49 compared with $0.7484/89 late here on Friday. However, it firmed against the euro, closing at $0.6073/80 versus $0.6035/42; the Aussie was only a shade lower at 79.88/08 yen.
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