Aussie started today’s session at $0.9334 and spent the initial hours of the morning in a $0.9323 to $0.9335 range, pinned down after overnight comments from the IMF, saying the aussie was overvalued. Aussie-dollar then began to head south again about an hour before the release of HSBC’s China flash PMI, from around $0.9330 and it then went through $0.9300 for a low of $0.9294. The Nov flash PMI came in at 50.4, just under the final October reading of 50.9. Aussie-dollar inched up a bit soon after the market digested details of the release but the rebound has been extremely limited. Aussie-dollar was last at $0.9297, compared with last night’s US close of $0.9334. The immediate focus for the aussie would be RBA Governor Glenn Stevens’ speech later today, entitled “The Australian Dollar: Thirty Years of Floating.” The market is expecting that Stevens would once again attempt to talk down the exchange rate. The 100-daymoving average at $0.9279 remains the immediate focus with a close below to end aussie’s bullish aspirations and initially targeting a test of the Sept 5 low ahead of keysupport at $0.8850-95 region.
