Aussie traded in a tight $0.9374/88 range for the session, but was mainly steady in the low $0.9380s except for one rumoured macro sell order that sent it to it’s session lows before the bounce back to the highs on a day when FX markets were lulled by the impending eventful US session. No data domestically today and some sell side pressure from the AUD/NZD cross which gave back about half of the gains seen post-Fonterra yesterday, with that cross sitting right on minor support at $1.1020 as of writing. Talk around of an Asian reserve name bidding Aussie at 0.9370. Weak stops have been spotted above at $0.9390 to $0.9425. Otherwise offers seen at $0.9425/30, $0.9450 and larger at $0.9480; buyers seen $0.9350 and $0.9320, but also various stops building on the downside at different levels. The US session sees Q2 GDP, July ADP Employment and the FOMC, which could change the complexion of the FX market dramatically but the start of the Asian session tomorrow.
