Aussie opened at $0.9510 this morning and marked marginal early gains to $0.9521 as the US currency hit some early hurdles. Aussie-dollar then saw gains taper off and there were some mild risk-off trades after reported comments by China’s Premier Li Keqiang on the risks of relying on short-term stimulus to support growth. Aussie-dollar saw a slow grind lower, to around $0.9497, as the market waited for the RBA’s Melbourne Cup day rate decision. While the RBA kept the cash rate on hold as expected, comments about the high aussie triggered a move against the currency. Aussie-dollar fell to a $0.9468 low minutes after the RBA statement hit the wires. There was a brief correction to $0.9490 soon after but selling persisted, with aussie-dollar soon sliding to fresh session lows again, to $0.9464. It was last at $0.9474, and faces resistance atop the initial morning high, from $0.9525/30, with stops likely to get hit on a break higher. Meanwhileaussie-dollar support is expected to come in just below current trading levels, at $0.9450/40 region.
