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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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AUSSIE SUMMARY: Aussie-dollar: Oct2 close $0.7825, Oct3 Asia range
$0.7792-0.7835, Europe $0.7786-0.7822
*After a slow start in Asia, broad US dollar strength took hold amid firmer US
TSY yields. Talk of model accounts buying the US dollar against a basket of
currencies saw the aussie slip from $0.7830 to $0.7809
*Aussie-yen demand cushioned falls ahead of the RBA policy decision to hold
*The RBA statement followed and at first glance looked unchanged, they again
highlighted a rising aud posed threats to growth and CPI. Remarks on housing
supervision sparked fresh supply with a move under $0.7800
*Aussie-dollar opened heavy into Europe, rate touched extended pullback lows of
$0.7786 (Jul18 low), but soon faded
*Rate was quick to pare losses, extended the recovery to $0.7822 but lacked
follow through. Aussie last $0.7805.

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