AUD Dollar FX trader
(Action Economics) - 04-May-12 05:25 - AUD-USD was skewed to lower levels, though RBA's Quarterly SMP held no surprises.
It briefly rallied from 1.0260 up to 1.0278 when the statement was released, but speculative names sold the rally, leaving it suspended over the 1.0250 level.
AUD traded as low as 1.0235 yesterday after large magnet stops at 1.0270 gave way.
However, progress was slow due to corporate hedging, talk of sovereign flows and option activity ahead of outstanding barriers tipped from 1.0225 to 1.0200.
Meanwhile, NZD-USD moved back below 0.8000 as global growth concerns encouraged sellers from 0.8020, though it lacked the momentum to retest yesterday's N.Y. lows at 0.7983 due to quiet trading conditions.
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