As this article in The Australian points out, Sovereign demand for AUD/USD remains very strong as they diversify further out of the US dollar.
This time its Russia who are moving around 1% of their reserves into AUD, which equates to them buying AUD$ % billion against the USD sometime over the next 3 to 6 months. 5 billion would move the market if it happened at one time but this will no doubt be staggered over a period of months. The market impact might be lessened but the psychological impact cannot be underestimated.
