AUD/USD slips back to opening levels in quiet trading conditions
We saw a small spike higher in early trade on the back of better-than-expected Chinese trade data but AUD/USD has now slipped back towards opening levels near 1.0230 as the market focusses on dovish comments from RBA Governor Stevens. The market is now pricing in an 85% chance of a 25bps rate cut next month. I see initial support at 1.0210/20, which was the level which the pair couldn’t break below last Thursday when the jobs data was released. Interbank order boards report solid bids at 1.0180.