Saxo-19Nov08-RBA Intervention

>>AUD/USD

"Looking at the action in AUDUSD, we wonder if the market is being artificially held up by the fear of RBA intervention. These fears may be overrated, as the RBA is no BoJ in terms of its potential firepower, and as we have stated in the past, the RBA is likely more interested in defending the AUD when the action gets too volatile on any given day rather than picking specific levels (as if stealing a page from our notes, the RBA even explicitly state overnight that "FX intervention not designed to defend any particular level in AUDUSD", so there is nothing significant at all about the 0.6350 level were the bank was rumored to have intervened recently. Any further bout of risk aversion is likely to see AUDUSD testing toward 0.6000 again. Still, traders may want to be quick to take profits intraday as volatility increases."
-saxobank - 19 nov 08

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