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

$0.7845. 

*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. *The dollar came under pressure, as profit takers

emerged pushing the rate towards $0.7850. *The Ausie slipped into the NY close

following XAU falling, as the rate drifted towards $0.7830.