Aussie started the session today at $0.9507 and encountered early weakness which pushed to down to an early low of $0.9495. It saw a modest recovery after the release of September trade data which showed a better-than-expected trade deficit. Aussie-dollar recovered briefly back to $0.9512 but offers ahead from $0.9520 were sufficiently strong to cap the move. Aussie-dollar then retreated again, this time to trade a fresh morning low of $0.9487 in the late morning. The yen’s afternoon drop however gave the aussie afresh leg up, as aussie-yen also rallied. Aussie-dollar was boosted through the earlier high for $0.9527, while the cross rose through Y94.00. Aussie-dollar was last at $0.9516 while aussie-yen was last traded at Y93.87. Aussie-dollar sees minor offers ahead from $0.9520, while further up, any break of $0.9538 US session high is likely to see a stronger rebound. Below last night’s $0.9482 US session low however, is likely to run into strong demand from the $0.9450/40 region, in place for the past few sessions.
