The pair started this morning at $0.9274 and held a narrow $0.9272 to $0.9284 range during the early hours of the day. The initial focus was on Q2 GDP data with aussie-dollar holding around $0.9281 a few minutes before the release. Aussie-dollar saw a slight blip higher after the data, taking the rate through $0.9300 for a high of $0.9304. The move however ran headlong into sellers at $0.9305, which capped the move and triggered a reversal back to $0.9290. The losses picked up a bit of pace after that and aussie-dollar was driven down to $0.9274. Despite a strong HSBC China services PMI reading, aussie-dollar saw hardly a bounce, prompting further sales down to a session low of $0.9363. From there aussie-dollar inched back toward $0.9280 and then paused as the market waited for a scheduled speech from RBA Governor Glenn Stevens. Aussie-dollar rose a bit more to $0.9287 as his prepared remarks were published but there was little momentum and the subsequent Q&A also failed to trigger a major reaction, leaving aussie-dollar holding at $0.9283 last.
