Earlier this morning the Reserve Bank Of Australia left the Official Cash Rate unchanged at 1.5% and offered little new by way of its accompanying statement. Initially AUD saw some support after the statement however this soon fizzled out.

The USD is currently holding itself in positive by a thin margin at the time of writing. Doubts over the Republicans ability to pass the Tax Plan has pushed Treasury Yields lower and does not help the USD.

Looking ahead at today’s economic docket we are expecting ECB’s Draghi to speak in Frankfurt, the euro has so far held quite steady this morning with some modest gains across the board. EURUSD is practically where it opened at at 1.1608.

Realtimeforex.com expects a possible re-test of 1.1626 to be followed by a sell off towards 1.1586/1.1561 area.