Risk aversion eased a bit after the rise in US housing activity. AUD/USD was an immediate beneficiary, rising to 0.6610 from 1.6580 ahead of the data. Bids are eyed in the 0.6565/75 area on dips, dealers report. 1.6615/20 and 0.6635/40 are resistance levels on rallies now in Oz.
Other whispers from Oceania include talk that the Kiwis could follow the lead of the Swiss National bank and weaken the NZD to improve their export competitiveness.