Aussie was whipped around by data releases today, before ending the Asian morning trading almost flat from the US close overnight. Aussie-dollar opened at $0.9455 and after a slight gain to $0.9466, fell sharply after the release of the RBA’s quarterly statement on monetary policy. In the statement, the RBA highlighted the exchange rate as a significant source of uncertainty for the economy. Aussie-dollar fell to $0.9428, its low for the session so far but managed to regain some ground after that. It experienced a lift back to $0.9455/60 soon after and then held near there as the market then waited for the release of Chinese trade data. Those numbers came out better-than-expected, and aussie-dollar subsequently jumped to a $0.9481 high. That knee-jerk spike fizzled out within minutes, bringing aussie-dollar back to $0.9455/60, where it consolidated ahead of tonight’s US payrolls report. Talk of aussie demand at $0.9420 and $0.9400 appear to have contained the decline for now, with techs also showing the 38.2% retracement of aussie’s $0.8892 to $0.9757 move coming in below the session low, at $0.9427. Immediate resistance meanwhile is seen at the $0.9509 US session high.
