The Australian dollar was steady above its recent lows in the overnight session, still generally supported by the bounce in investors’ appetite for risk. Profit taking and consolidation helped lift the battered Aussie after it suffered across-the-board selling last week, which was fuelled by mounting concerns about sovereign credit risk in the euro zone. Credit concerns regarding Greece, Portugal and Spain sparked a broad selloff in equities and commodities and weighed on higher yielding assets like the Aussie and New Zealand dollars. Uncertainty about China’s steps to reign in its red-hot economy has also dampened some market demand for the AUD.  The single currency drew little support from reassurances by G7 finance ministers in Canada that strict budget reforms in Greece would be carried out. Sovereign credit worries continue to undermine the euro, with investors growing increasingly worried about the fiscal health of Greece, Spain and Portugal and possible contagion into other euro zone nations. A relatively light economic schedule this week will see investors continue to focus on credit risk in the euro zone and general uncertainty about the global growth story amid a backdrop of monetary tightening in China. Investors will focus on Australian consumer confidence and housing finance today, and the closely watched jobs data for January on Thursday.