The AUD/USD is trading now around 1.0030 with 1.0022 as fresh intra-day low. "We are neutral AUD/USD on the week but bearish over the month," says the Wespac research team. "Expectations for the EC summit seem low enough for
AUD to suffer little or no collateral damage. The RBA’s likely steady hand should be accompanied by a moderately upbeat 'glass half full' statement, supporting AUD. But building and retail data are a window on two of the weaker parts of the patchwork economy."
"We retain a neutral bias on the week but would view another attempt at 1.02 as a potential selling opportunity," continues Westpac. "1M target is 0.97."