Forex News AUD/USD sluggish in early Asia trading as broadly firmer USD and RBNZ rate cut weighs sentiment. Richard Grace, head of FX strategy at CBA, says it is too soon to say AUD/USD is heading toward a major trend shift, but there is some unwinding of positions going on, especially following news Wednesday of mostly neutral 2Q inflation data. Local debt markets continue to unwind expectations of further RBA rate hikes. Focus is slowly switching to likely rate cuts in 2009. AUD/USD currently sitting on its 30-day moving average, so some support around 0.9600 likely. Last quoted at 0.9605.
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