Aussie started this morning at $0.9259 and marked an early high of $0.9268. It backed away to $0.9256 a few minutes before the release of the Westpac-MI leading index and held fast near that at $0.9258 after the release. Some dealers noted that aussie selling was also seen in response to article in the Australian Financial Review about a drop in resources projects approvals. Aussie-dollar continued lower to $0.9251 but climbed back a bit after the release of Q1 construction work done data, which were above forecasts. Aussie-dollar was last at $0.9261, almost flat from where it had started the day today. A break in aussie-dollar below last night’s $0.9233 US low is expected toencounter bids from $0.9210/00, with stops then seen below $0.9190. Topside stops are meanwhile, noted above $0.9280 and more importantly above $0.9320.
