The AUD/USD pair ended last week with gains to reach its highest level in seven weeks, as greenback traded lower against most of major counterparts last week to give Aussie the chance to record more gains against the US dollar.
The EU summit announcement regarding the aid plan to help the European countries and Greece from the current debt crisis, fueled confidence in financial markets which drove investors to higher-yielding currencies such as the Australian dollar.
On the other hand, talks about the possibility of activating the third round of quantitative easing caused more weakness to the greenback, which helped boost the risk appetite in the FX market and demand for Aussie.
On Monday at 13:45 GMT, the U.S. economy will release the Chicago Purchasing Manager for October which is expected to ease to 59.0 from 60.4.
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