The pair started this morning holding on either side of $0.9100, and managed to edge up to $0.9120 in early trade before it briefly climbed a couple of notches up further to a $0.9131 high after the release of Australia’s Oct retail sales data. Upward momentum however quickly evaporated after that and aussie-dollar began to grind lower. Losses picked up pace after the release of China’s non-manufacturing PMI for November, with aussie-dollar slipping below $0.9100 to $0.9086. It held near there as the market then sat back and waited for the RBA’s decision, its last for 2013. The RBA didn’t make any surprises, keeping the cash rate unchanged while repeating that the aussie was uncomfortably high. Aussie-dollar took a few minutes to respond and eventually caved in to a $0.9057 low. It was last at $0.9064, after a few failed attempts to rebound, although market flows information suggest buy orders are in place from $0.9050. For now, $0.9050 is expected to hold the downside with stops likely on any move through $0.9045 while up top, $0.9180 offers are likely to keep a lid on the aussie.
