Aussie fell victim to the bullish dollar tone after the FOMC statement as it dropped to a $0.9441 low overnight in the US. It recovered to start the Asian day at $0.9484 this morning, pulled higher by a stronger Kiwi following the RBNZ decision to leave the OCR steady at 2.50%. Aussie-dollar then retreated in early trade to an early low of $0.9458 before being held up by strong bids down near $0.9400. It edged back up slowly to around $0.9477, and then jumped after the release of a somewhat mixed bag of Australian data. The market zoomed in on a strong reading of September building approvals and aussie-dollar rallied through minor offers at $0.9500 to hit a $0.9509 high. Minor consolidation then followed but aussie-dollar remained buoyed near thehighs, and was last at $0.9488. Stops remain above the $0.9525 and $0.9585 levels with a close above $0.9585 needed to relieve the current bearish focus that is targeting the $0.9390 Oct 4 low.
