Aussie began to inch higher soon after it had started this morning’s session at $0.8979. After a tentative low of $0.8966, aussie-dollar crept up to $0.8990 amid signs of improved risk appetite just before Japanese stocks opened higher. Aussie-dollar took aim at $0.9000 as talk circulated of the presence of large buy-stops sitting above that. But the market was initially hesitant, limiting the pair’s gains to $0.9003 before the release of China’s inflation data. A slightly higher than expected reading then sparkeda sharper aussie-dollar move through those rumored stops and the pair quickly powered through $0.9010 to $0.9026. At that high, aussie-dollar had almost completely reversed its fall to a $0.8926 low seen after yesterday’s disappointing jobs data. Aussie-dollar eased a bit in late morning trade as the market consolidated the earlier moves and as sell orders then appeared from $0.9030 and $0.9050. Aussie-dollar was last at $0.8990, with immediate support seen down at Thursday’s low while sell-stops are also seen above that from around $0.8950.
