AUD/USD pulls back from record high ahead of Battellino speech

ForexNewsNow | Published on October 7, 2010 at 3:04 pm

intraday analysis - The Australian FlagNEW YORK (Forex News Now) – The Australian dollar trimmed gains versus its U.S. counterpart on Thursday, pulling back from an all-time high, as FX traders awaited comments from a key Reserve Bank of Australia official.

In U.S. afternoon currency market trading, AUD/USD hit 0.9917, the record high. AUD/USD later retreated to trade at 0.9813, up 0.39 percent on the day.

Early Friday, Ric Battellino, the RBA deputy governor, was to speak at an event in Brisbane. FX traders were likely to scrutinize his remarks for clues to future monetary policy moves by the central bank, especially after the RBA unexpectedly held interest rates steady earlier this week.

According to intraday analysis, AUD/USD was likely to touch support around Thursday’s low, 0.9693, and encounter resistance around 0.9917.

The Aussie also gave up some of its gains after official data showed that the number of U.S. workers filing new claims for unemployment benefits dropped more than forecast last week.

Elsewhere, the Australian dollar fell versus the yen: AUD/JPY traded at 80.8, down 0.32 percent.

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