AUD/USD holds above 0.9710

FXstreet.com (Córdoba) - The Australian dollar continued to weaken during the American session and printed yet another 11-month of 0.9710 against the dollar, as the greenback received another boost following better-than-expected US confidence data.

However, the Aussie managed to stabilize above the 0.9710 level and entered in a consolidation phase that has extended over the last hours. At time of writing, AUD/USD is trading at the 0.9730/35 zone, where it is 0.7% below its opening price.

The Aussie has been among the worst performers in May, having lost over 650 pips from the monthly opening and fallen 11 out of its 13 trading days.