There is a train of thought circulating in the market, namely that the RBA sensed some disappointing economic data in the pipeline and therefore decided to stay on hold. That’s possible and today’s employment number is the first test of the theory. Whilst the Australian economy has been performing very well over the last two years, things do seem to be slowing down slightly and that may show up in today’s number.
The intraday levels to watch are .9800 and .9850 on the topside and support should be firm around .9660 on the downside.
