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Aussie-dollar: Europe open...........>

AUSSIE SUMMARY: Aussie-dollar: Europe open $0.7842, range $0.7831-0.7854, NY
open $0.7842, range $0.7817-0.7850
*Cross-play dictated price action for the majority of the European morning
session with aussie held to a very narrow 20 pip range.
*The rate slowly recovered into the NY open, with the rate grinding towards
*The release of better than expected MNI Chicago PMI witnessed a short
burst of dollar demand with rate dropping towards $0.7830.
*The break of $0.7825/20 triggered fresh supply from momentum type
accounts to a fresh intra-day low of $0.7817, before fading.
*As the 4PM WMR month end-rebalancing got underway, we witnessed
pressure on the greenback, with the rate jumping towards $0.7850.
*The greenback clawed back some of its losses, following gold declining and
profit taking by ECNS witnessed the rate drop towards $0.7835.

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