The pair opened in Sydney at $0.7825 this morning after European and US markets witnessed a $0.7803 to $0.7861 range. Early market attention was on the release of Australian data as well as China’s latest 2015 growth and inflation forecasts. Despite that, market reactions were muted, with aussie-dollar held near the upper end of its narrow, early $0.7815 to $0.7825 range a few minutes after the China announcement. Aussie-dollar traded a touch lower to $0.7814 just as the local data were released but quickly recovers back to where it had been earlier, to $0.7824. An hour later, the market was roused by the aussie’s drop to $0.7811 after RBA Dep Gov. Philip Lowe began his prepared remarks and followed that up with a further retreat to a session low of $0.7804. Then Lowe again surprised the market when he stated the RBA was not using policy to push the aussie lower. That sparked a sharp rally to a fresh session high of $0.7841. Aussie last trades at $0.7821, and seen needing a move through $0.7850 before any further meaningful gains. Immediate support noted at $0.7791, with buyers seen just below at $0.7780. Up top, offers are seen at $0.7850 and then toward $0.7900, with resistance seen at $0.7883.
