Weak Asian stocks and an unexpected decline in mortgage approvals in Australia last month crushed last night at the Australian. After reaching 0.9730 yesterday, the new two-year high, the Australian came back to 0.9675 this morning, as some longs were removed from the market after good results in the past few sessions. The weak number of new mortgages has caused re-evaluation of the likelihood of higher interest rates RBA next week, but now the chances are much higher. It is also very close eye on stocks, as October begins for them is traditionally difficult. We can see the closing of long positions in the coming days, when stocks start to lose some of its luster.
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