Aussie looked set for a quiet session with the morning trading in a $0.9400/15 range until midday, when a rumoured AUD/NZD sell order saw the figure broken and a low of $0.9392 achieved, with that level being broken again as of writing. S&P reaffirmed unsolicited ratings on Australia at ‘AAA/A-1+’, saying the country had a “strong ability to absorb large economic and financial shocks” but that “high external and household indebtedness,” as well as vulnerability to weakening commodity export demand, moderate its strengths. This had little effect on the currency but bodes well for futuredirection. In other news, Goldman Sachs AM’s Phil Moffitt has been in the news saying the RBA may be forced to cut the official cash rate before the end of the year to beat back of a wall of foreign money that has driven the Australian dollar higher. Orders today sees demand at $0.9350/60 and some smaller stops just below here at $.9385/90 ($0.9390 was the low), whilst sellers above at $0.9425/30.
