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Aussie-dollar: European open.........>

AUSSIE SUMMARY
AUSSIE SUMMARY: Aussie-dollar: European open $0.7853, range $0.7847-75, NY open
$0.7868, range $0.7858-0.7884
*Aussie opened heavy in Europe, rate slipped to $0.7847 in sympathy with the
falling kiwi following news that New Zealand First had decided to join the
Labour party to form government
*Dip buyers were quick to pounce, aud-jpy demand helped pare early losses. As
cross play continued to drive, aussie squeezed to recovery highs of $0.7875
before fading into the NY open.
*Having earlier stalled ahead of resistance from the European morning
high ($0.7875), minor slippage extended to the $0.7860/65 area.
*As the greenback lost more ground across the board, following US Tsys
yields slipping further witnessed the rate print a fresh intraday high of
$0.7884.
*The dollar pared some of its losses towards the close with the rate slipping
towards $0.7860.

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