AUD/USD pair hits ceiling

The Australian Dollar has hit a ceiling of 0.9787 and retreated to 0.9757 at the time of writing. The steady slow down and decrease in demand is being attributed to the upcoming Reserve Bank of Australia minutes, which are due to be released tomorrow.

Little is expected to come from the minutes that investors are not already aware of but as with all announcements, data and reports released, investors are erring on the side of caution. Should the minutes pass without any major developments, it is widely expected that the AUD will break the 0.9790 barrier.

The AUD is currently currently little changed from its 0.9755 opening price at midnight.