Aussie started the session in a consolidating trade just above $0.9300 after overnight gains post-Yellen’s Senate Banking Committee hearing, trading roughly $0.9310/20. Once the volume began to pick up a distinct bid tone had taken over and the pair traded virtually unchallenged to the topside for the rest of the session, before finally topping out at $0.9352. Some late Asian/early Europe selling has just pushed it back below 40 into bids between here and $0.9330. With the dominant theme being the Fed’s tapering forthe Aussie over recent months, there’s an expectation of buyers on dips and an eventual test of the $0.938/95 congestion zone at some stage in Europe.
