Closed in NY at $0.9740 and initially dipped to mark early local lows at $0.9738 before edging higher. Rate got an early lift as market reacted to a China press article calling for rate cuts in China, the demand taking out stops through $0.9765 before meeting stronger resistance at $0.9785. Release of much stronger than forecast Australian GDP data spiked rate through $0.9800, with triggered stops able to drive the rate to session highs of $0.9862. Rate eased off highs on mild profit taking, but rate was seen opening Europe around $0.9845. Australian jobs data Thursday now awaited to give a fuller economic outlook picture.
EasyForexNews Research Team