The AUD has recovered to trade back above 90c temporarily after a worse than expected retail sales number spooked the market. It traded as low as 8951 I hear, gapping lower, with nothing traded between 8990 and 8960 on the way down! Hearing certain traders took advantage of the retail number to trigger some weak intraday longs.
9020 will act as a top now, with the weak retail sales data raising more doubt about a 25 bps hike in December.
