Aussie opened at $0.9375 this morning in Sydney, after a $0.9371 to $0.9394 range in the US last night. Aussie-dollar encountered early weakness as the US dollar started the day on a slightly firmer footing vs the euro. Aussie-dollar’s losses extended to $0.9358 as yen crosses, including aussie-yen, were sold down after Japanese stock markets opened lower although there was little follow-through. Aussie-dollar was holding at $0.9366 when the RBA released its quarterly statement on monetary policy, the same time as China’s April CPI and PPI data. Aussie-dollar turned lower again, to trade a$0.9348 low. Again the move stalled and aussie-dollar then ground its way back up toward $0.9360 in the late morning. It was last at $0.9359. For now, buyers at $0.9350/40, and stretching down to $0.9300 are likely to keep the aussie from falling further while sellers are seen toward $0.9400.
