Investing.com - The Australian dollar slipped lower against its U.S. counterpart on Monday, as growing expectations for a December rate hike by the Federal Reserve continued to lend broad support to the greenback.
AUD/USD hit 0.7100 during late Asian trade, the session low; the pair subsequently consolidated at 0.7120, edging down 0.15%.
The pair was likely to find support at 0.7021, the low of November 11 and resistance at 0.7171, the high of November 6.
The greenback remained broadly supported after Fed Vice-Chair Stanly Fischer said Thursday that it "may be appropriate" for the Fed to begin raising rates next month.
The U.S. dollar shrugged off reports showing that U.S. retail sales rose less than expected in October, while producer prices fell.
The Commerce Department said retail sales edged up just 0.1% last month after remaining flat in the preceding two months.
Separately, the Labor Department said the producer price index fell 0.4% last month after a 0.5% decline in September.
The data was not seen as likely to deter the Fed from hiking rates in December in the wake of the robust U.S. jobs report for October.
Another report showed that U.S. consumer sentiment improved this month. The University of Michigan said its consumer sentiment index rose to 93.1 from a reading of 90.0 in October.
The Aussie was higher against the euro, with EUR/AUD shedding 0.22% to 1.5090.