AUD/USD opened in Asian around $0.9855 and has been seen in a range of $0.9802/58 so far. The rate was subject to some early selling pressure, thought to be from a custody bank, with a sharp move lower from $0.9845 down to session lows of $0.9802 observed in the early part of Asian traded hours. Macro and Japanese names were also touted as responsible for EUR/USD sales causing a knock on effect on the Aussie when the market was heading for intra-day lows. After the Japanese selling subsided the Aussie found some corporate support and steadily rallied back to return to the levels seen early on in the session, with the rate recovering to $0.9856.
EasyForexNews Research Team