FXstreet.com (Sydney) - The AUD lost gains made on the Kiwi late last week to be trading at 1.2562. The pair has been oscillating in a narrow channel since it opened at 1.2572 while it posted an intraday high of 1.2601.

The AUD rose against most currencies at the open but has since been in subdued mood as the markets await data from the Reserva Bank of Australia on monetary policy and the pace of interest rate rises in Australia. In Europe, positive economic data showing that it exited the recession lifted the EUR as well as high-yielding currencies such as the New Zealand dollar.