Yesterday in Asia we traded a 5 pip range in AUD/USD for much of the day and we are opening at exactly the same levels again. The budget didn’t have much of an impact although the AUD has made decent gains against the EUR in particular.
Earlier in the week local banks suggested that standing orders would keep us inside a .9310/.9410 range and this has proved to be 100% accurate.
I’d suggest an even tighter .9330/90 range for today barring unexpected events.
The NZD hasn’t really been affected by this mornings FSR by the RBNZ. The market doesn’t seem to know what to do at the moment so best we also sit back and wait for it to make up it’s mind.
NZ retail sales out shortly.