AUD/USD is currently seen trading $1.0452 ahead of the European opening, as the rate recovers some early declines seen during Asian trading hours. The pair started the week opening around $1.0457 before dipping down to $1.0436 within the first two hours of the session. Price action and volumes remain moderate ahead of a difficult RBA meeting scheduled for Tuesday. The AUD and NZD have held their ground reasonably well so far against the USD this morning, supported by bids from offshore sovereigns. The rate showed very little reaction this morning after the release of TD-MI’s monthly inflation data (slowing in m/m inflation, but a modest rise in y/y pace). The pair eventually did turn higher from its session lows of around $1.0436 to trade up to $1.0455 and prices have remained in a tight range since, with the pair remaining near the upper end of its range of $1.0457 to $1.0436. Trading remains quiet with Tokyo markets closed for a public holiday.
EasyForexNews Research Team