Aussie opened in Asia at $0.9362 this morning after a $0.9357 to $0.9386 range in the US last night but has seen a fairly muted morning so far. The main event risk for the aussie due ahead is the announcement of the Australian federal budget at 1930 hours local time (0930 GMT), which is expected to show 2014-15 deficit at A$27 bln according to median consensus of 8 economists poll. Earlier today, aussie-dollar got up to a $0.9365 high but reversed direction to $0.9350 after that despite the release of relatively supportive housing finance and house price data. Direct interest in the aussie began to fade after that as the market waited for the budget announcement, aswell as the release of China’s retail sales and industrial output data due just ahead. Aussie-dollar was last at $0.9357. The $0.9315-20 region remains key to the immediate direction for the pair with bulls favoring a retest of 2014 highs while this support remains in play. Stops are noted topside above $0.9400, $0.9430 and $0.9465 and on the downside below $0.9310.
