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Forex pairs in this Article » EUR/USD (London) - A research team at TD Securities explained a soft Chinese HSBC flash manufacturing PMI release put some pressure on the Antipodean currencies overnight, but it was a statement by RBA Governor Stevens’ that got the attention of markets and really added to the weight on the AUD.

Key Quotes:

“In saying that the RBA is ‘open-minded’ on intervention, in all likelihood he did not mean that it was something they were imminently considering, and his follow up remarks that he is not convinced of the effect of such measures reinforces that it’s just a consideration”.

“For a market that has heard the RBA persistently refer to its currency as ‘overvalued’ however, that was little comfort”.

AUD/USD is looking quite heavy on the charts, with a potential head and shoulders break today that would signal a move back toward 0.89/0.90”.
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