Aussie started this morning at $0.9334 after a US range of $0.9312 to $0.9337 overnight. Early dealings were muted, with aussie-dollar keeping to a $0.9332 to $0.9338 range. Aussie-dollar retreated further after the release of July AIG services index and consumer confidence, with the pair hitting a low of $0.9324. There was a slight recovery to $0.9333 after the release of Australian trade data before aussie-dollar fell again to a new session low of $0.9317 after a disappointing HSBC China services PMI reading. The pair witnessed a small attempt to recover after that but a lack of follow-through kept that rebound limited to $0.9326. It held near there into the RBA’s rate decision and then followed up with a drop back to $0.9317 immediately after the RBA announcement. Another rebound followed as the market digested the RBA’s accompanying statement, and this intensified with a rally then seen to a new session high of $0.9343. Aussie-dollar was last at $0.9338.
