AUD/USD holding on to earlier gains
The AUD is up across the board, especially against the GBP where its almost 1% higher on the day. AUD/USD is still holding onto gains around .9300 and the bullish case is looking a bit stronger. Mr Rudd did in fact take over from Ms Gillard, but any impact on the AUD is likely to be fleeting; its the markets positioning which is the big factor.
Sovereign bids are reported in the EUR/USD 1.2980/1.3000 and of course there was Bundesbank buying of EUR/GBP to report.
State of origin about to kick off, mate against mate etc, so I’ll catch you tomorrow and hopefully any late night trading tonight will be of the profit-taking variety 🙂