[AUD/USD]

[AUD/USD] trades fairly close to a 0.7000 expiry, as we await the passing of New York cut in the next few minutes. A positive start for the Dow (+105) should help underpin the risk appetite currency though we are slightly surprised by the continued profit taking in Aud/Nzd. Funds are said to have been fairly consistent cross sellers today despite potential Nzd weights to come in the next few days, i.e. domestic C/A and GDP data. The NZ economy is expected to show a 1.1% q/q contraction for Q4. Expect selling interests into 0.6990/7000, but stops on a figure break also likely.