The local banks are saying that there is surprisingly little interest in the AUD at the moment. The big asset managers and reserve managers are all quite long, but don’t seem eager to either add or subtract from their present positions. The big macro funds are short and also don’t seem overly eager to ‘get big or get out!’. That leaves intraday moves at the mercy of newswires and short-term sentiment. I’m sidelined on the Aussie but still prefer the sell-big-rally play.
