AUD/USD opened the Asian session around $0.9762, after picking up from lows of around $0.9717 amid another late move higher in the last hour on Wall Street. With the absence of any data, prices have been mainly influenced by Asian stock prices. The rate was reasonably well bid in early Asian trade, advancing to $0.9785 before running into some selling pressure. Prices then fell away for the rest of the morning after a large sell off in the IDR spread to other Asia ex-Japan currencies created an overall risk-off tone across Asian markets. Prices made session lows at $0.9727 before a moderate bounce to around $0.9748. Funds appear to still be selling into rallies as growth concerns continue to hamper commodity markets. Asian accounts are touted to be on the bid side around $0.9716/20 targeting some short covering. Aussie is currently trading $0.9738 down 25 pips.
EasyForexNews Research Team