AUD stayed heavy overnight, but the pace of declines has fallen as support reemerges. 0.9925 is the next option-related buying of size, and we’ve seen buying ahead of this level on the lows overnight. The selling pressure on any move higher is, though, quite intense.
We’ve got the Australian federal government budget due at 0930GMT (preview here) and while much of what’s to be expected has been telegraphed already, there is scope for surprise, especially with timings and $ amounts of programs.
We’ve got offers being worked in the market around current levels and through to 0.9975, then more offering interest clustered 0.9995/1.0010.
On the downside, 0.9925 and ahead of there is good buying, then 0.9885/0.9900
