The pair opened at $0.8829 this morning after trading up to $0.8860 during the US hours last night. It ran into early pressure which pushed it down through $0.8800 and it eventually traded a session low of $0.8778 even before Asian markets were fully underway. Some dealers said they spotted profit-taking interest weighing on the aussie this morning but further damage was limited. A few minutes after the release of the Melbourne Institute’s Oct inflation expectations, aussie-dollar was back up above $0.8800. It extended the recovery to $0.8815 before running out steam again. Trading interest thinned out from then, with aussie-dollar then stabilizing in a $0.8785 to $0.8810 range through the rest of the morning. Aussie-dollar was last at $0.8790 and furtherlosses are likely to run into demand interest off $0.8750 with more bids then expected toward $0.8700.
