Heavy dollar buying continues
A souring mood in the market continues to weigh on the Australian dollar and it's now testing the August lows. Talk of RBA rate cuts has really turned the tide after Westpac made the forces for a cut.
AUD/USD is down 77 pips to 0.7093 and the August low was 0.7076. Just below that, the late-July low was 0.7064.
To me, this is looking more and more like a larger US dollar retracement. We're getting to the point where dollar-shorts start to feel the squeeze.
