The turnover in the AUD/USD between 1.0065 and 1.0015 over the last 5 or 6 hours has been very large indeed. Sovereigns are still the main buyers and investment houses are the main sellers. I’m guessing that we’ll eventually break lower but the interbank analysts might get their way and we see a relief rally first. 50 is the magic number to watch in the PMI as anything markedly either side will heavily influence the Aussie.