AUD/USD opened the Asian session on Thursday at $0.9931 and has been seen in a tight range of $0.9930/66 so far this morning. Trading has been light with Asian markets in consolidation mode ahead of this weekend’s Greek elections. The rate has been subject to some position squaring with prop accounts still showing some medium bids around the $0.9935/45 region with an Asian named account also bid just below that area. AUD edged higher for much of the session and extended from $0.9950 to session highs of around $0.9966 on the MNSI story reporting that a Chinese NDRC official had said that the PBOC could cut interest rates by 100bps in H2. Medium offers remain above at $0.9975 and on the approach to parity, with today’s high pinned at the 50% retracement of the fall from $1.0004 to $0.9928.
EasyForexNews Research Team