AUD/USD drops despite positive Australian data

(MENAFN- FxPro) The Australian dollar dropped against its U.S. counterpart on Monday, even after data showed that Australian business confidence remained unchanged in April, as demand for the greenback remained broadly supported by Friday's U.S. employment report.

AUD/USD hit 0.7876 during late Asian trade, the pair's lowest since May 8; the pair subsequently consolidated at 0.7905, declining 0.31%.

The pair was likely to find support at 0.7858, the low of May 8 and resistance at 0.7973, the high of May 8.

In a report, the National Australia Bank said that its business confidence index remained unchanged at 3 last month.

Meanwhile, the greenback remained supported after the Labor Department reported on Friday that the U.S. economy added 223,000 jobs in April, just shy of economists forecast for 224,000. The unemployment rate ticked down from 5.5% to 5.4%, the lowest since May 2008.

However, March's payrolls report was revised to show that only 85,000 jobs were created, the fewest since June 2012.

The Aussie was steady against the euro, with EUR/AUD at 1.4130.