The Australian dollar is backtracking today after Friday’s rally. AUD/USD has matched a session low at 1.0410There is said to be demand down to 1.04, which is psychological support and the 61.8% retracement of Friday’s rally. More bids at 1.0385/80. Offers are at the Asian high.
Political uncertainty is a factor almost everywhere but Australia’s government is holding power by a thread and the vultures are circling as the local press takes repeated shots at PM Gillard.
McCrann also has his latest here ahead of the RBA decision.
