Closed in NY at $1.0474 having extended its corrective pullback from Friday highs at $1.0625 to $1.0455. Rate dropped to $1.0437 on release of RBA Minutes, the market reacting to comments that RBA saw scope to cut rates should outlook worsen significantly. Rate then recovered to $1.0487 as traders reacted to added comments that recent shelving of mining projects would onluy have a small effect on expected profile. An Asian reserve manager was a stand out buyer of Aussie in the move higher. Rate drifted off toward $1.0450 ahead of the European open.
EasyForexNews Research Team