FX Update- AUD/USD
AUD/USD rallied about 100 points overnight, as dealers cited short covering on the move over 0.8700 in Sydney. AUD/USD peaked at 0.8755 in London before easing back toward 0.8690. From there however, buyers returned, and sources now expect some consolidation ahead of the release of the RBA’s minutes from their August board meeting. Commodity prices will likely influence short term Aussie movements, though pre-existing intraday ranges are expected to hold.