AUD/USD: Drifting as local interbank players prefer shorts intraday
No-one is expecting any major moves in the AUD today but local dealers seem to prefer the short side, particularly when prices get close to reportedly decent sized sell orders at 1.0460/65. It’s possible we could drift further towards 1.0400 but ranges are expected to remain tight during the Asian session.
There are some risk-events looming for the AUD, with the HSBC China PMI data due out over the weekend and official PMI on Monday, when much of Asia will be closed. This will of course be followed by the RBA on Tuesday with the market spilt 50:50 on whether the expected rate cuts start in October or November.