Traders report that an aggressive US investment bank, noted for their love of China and all-things Asian, bought a 0.8800 put in AUD USD expiring in three months in AUD 1 bln. Even the most bullish of the bulls needs to hedge their bets every once in a while.
AUD/USD has recovered to 0.9070 after sharp stop-loss selling overnight. Large stops are seen below 0.90.
