Opened in Asia this morning at $1.0389 having dropped to lows of $1.0336 in NY yesterday as AUD reacted the most to the risk-off sentiment generated from poor PMI data starting with China and compounded by similar weak readings from the EU states. Mining related bids attempted to prop up the pair along with option related demand ahead of a rumoured $1.0350 barrier, but this eventually gave way to the lows. A bounce was seen into the close and Asia has consolidated that move but failed to add much to it with a high of $1.0412 in an otherwise disinterested market. Aussie-yen was the main mover in the complex up to Y86.25 from Y85.77 on the back of gains in the USD/JPY. EUR/AUD was confined to a A$1.2685-2704 range and AUD/NZD eased from NZ$1.2837 to NZ$1.2806. AUD/USD offers sit at $1.0410/20 with more at $1.0440/50. Bids are seen towards $1.0390 and $1.0350 with stops below and again.
EasyForexNews Research Team