After trading in a 0.8330/0.8465 range late last week, early this week, the break below the 0.8340 range bases suggests a return to the 0.8240/50 low put in place in the middle of last week. The combination of risk aversion and dimming confidence that the RBA will ramp up rates as early as next month is helping set the stage for a deeper decline. Sell rebounds toward 0.8340 near-term.
