We’ve been down to 1.0825 recently, and ozzie’s now bouncing back to 1.0855 on the coat tails of the euro, but it’s not convincing.

Traders seem a bit bemused by hawkish comments from the RBA early today , despite the money markets pricing in a couple of rate cuts into the coming year.

Guess we’ll find out more on Friday when the RBA publishes its economic forecasts on 5th August

Reasonable support is seen towards last week’s low of 1.0795