The pair closed at what would normally be the end of the NY session Monday at $0.9331 after having traded a $0.9318-52 range to start the week. It started this morning at $0.9332 this morning and has since been stuck in a $0.9329 to $0.9337 range so far. Data releases this morning included building approvals and Q2 current account balance and were mostly above expectations. With dollar-yen rising, aussie-dollar traded soft just before the data releases, near the bottom of the morning’s initial $0.9310 to $0.9337 range. Aussie-dollar briefly recovered to $0.9320 following the data releases but the lack of momentum amid caution before the the RBA cash rate decision sapped the aussie’s recovery strength and the pair dipped back to a new session low of $0.9285 inthe early afternoon. The aussie held at $0.9297 into the RBA decision and briefly edged up to $0.9302 immediately after before returning to $0.9288, and was last at $0.9296.
