Asia Session - July 28, 2009 1:29 AM

The Asia session belongs to the Aussie Dollar as Reserve Bank of Australia Governor Glenn Stevens spoke of a “glass half full” as opposed to a “glass half empty” in reference to the Australian economy. Steven’s speech was upbeat; stating that the current downturn may not be “one of the more serious ones of the post-War era” for the land down under, and that current upside risks will in turn counter the risks to the downside. The reaction in the AUD/USD was swift and serious, as the pair blasted to highs over 0.8285, levels not witnessed since September of 2008 on the news and the hint that rates could be moving higher in due time. Prior to the news the pair had drifted listlessly lower to the tune of 30 pips to just under 0.8200 as Steven’s took the podium and sent the pair higher. All Aussie based pair’s printed solid gains for the day, pulling the Kiwi and its components higher despite poor trade balance data that hurt that currency early on. The RBNZ will meet on Thursday for its rate decision. Full text »