The pair opened at $0.8768 this morning after a $0.8757 to $0.8799 range during the US hours on Friday. Aussie-dollar spent a large part of the morning taking its cue from the kiwi today after an initially subdued $0.8750/70 during the early hours of the day. Aussie-dollar traded down to $0.8727 as the New Zealand unit fell to $0.7820 after PM John Key was cited saying the “Goldilocks” level for the kiwi was around $0.65 and itwould be logical for the RBNZ to intervene to push the exchange rate down. Kiwi fell further after RBNZ data showed the bank had intervened in August, hitting a $0.7709 low and dragging aussie-dollar down with it to $0.8694. Despite aussie-kiwi rallying also on the news, aussie-dollar remained under pressure as the US dollar’s strength continued into the early afternoon. Aussie-dollar was last at $0.8699. With no data to influence the market today, the focus will remain on last week’s issues which see the aussie still looking offered. Stops remain above $0.8860, $0.8930 and $0.8960.
