AUD,NZD/Flows and Orders

AUD/USD stops taken out above 1.0450

Dealers will use economic data as the excuse but no-one will remember the name or number tomorrow. The stops we mentioned above 1.0450 are now done.
All eyes on the RBA in 3 hours. The market almost universally expects “no change” with focus on the statement for perhaps a less dovish tone.
Short-term risk is to the topside according to most interbank dealers but watch out for those Hedge Fund offers to appear (no set levels at moment).

  1. sean,

    imho the risk is to the downside today. rba will surely speak of the high aussie and it is becoming a big burden for them when announcing monetary policy. I read somewhere that is the biggest period of bad data coming out for australia and nobody really knows why aussie should be where it is now

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