The Aussie opened at $0.9031 in Asia and witnessed a vain attempt at a small recovery right at the start of the day, reaching $0.9042 before it was turned back. Anticipation of a down day in Asian stocks sent aussie-dollar down to an early $0.9016 low even before Japanese stock markets opened. The pair picked up some bids from above $0.9000 and aussie then recovered some of the earlier lost ground to $0.9039. It tried to break higher a few times but the market eventually gave up as regional stock markets continued to trade in negative territory. Story on China’s growth likely to come in around 7.4% added to the ongoing worries about China’s economic outlook and risks of further Chinese corporate defaults, and led aussie-dollar to eventually retrace its route back to a $0.9015 low. The pair was last at $0.9021 with order books suggesting topside offer are relatively sparse at least until the $0.9100/05 region of the US high, with stops then noted at $0.9120.
