Option players have this market pretty much tied in, as we’ve been saying for weeks now, and it doesn’t look like this is going to change any-time soon. Option-related selling interest between .9425/50 remains very heavy and unless we get some major surprise from the FOMC, range-trading mode will continue to prevail.
Rally selling in AUD/JPY has also been prevalent in recent days but this can probably be attributed to risk-aversion, after the security situation in Iraq turned grave.
Today’s RBA minutes are unlikely to hold any major surprises.