The pound to Australian dollar exchange rate is 1.001% higher on the day with 1 GBP = 1.4978 AUD at 11 AM in London. The euro to Australian dollar exchange rate is 0.818% higher with 1 EUR = 1.3055 AUD. The Australian dollar to US dollar exchange rate is 0.930% lower with 1 AUD = 1.0863 USD. The big news concerning the Australian dollar regards the decision by the Reserve Bank of Australia to sit on its hands and choose not to move on rates. "On the latter I'm yet to see any evidence of the accompanying statement, but what little I've heard has basically intimated that they're not moving for the time being and are looking for more evidence of a global pick up/slowdown and more domestic evidence which may force their hand for a move later in the year (November would be my best guess)," says a morning exchange rate note from Saxo Bank. The AUD USD came off rather aggressively, but having said that given the distance it has travelled to the upside in recent times, the move lower wasn't as bad as it could have been. Elsewhere there was an article out of the Japanese Nikkei newspaper which purportedly is a very credible and serious source in Japan citing the very much increased likelihood of impending yen intervention. "The rationale they implied was that no intervention was likely until a deal was reached in the U.S., as in all likelihood no one wanted to further upset the apple cart… however with that out of the way there is no political reason to impede potential intervention," say Saxo Bank. Volumes in the overnight space were the only thing really affected by this and even so the ATM's were only slightly changed… "Personally I hate the intervention play (certainly through spot) however using 1 or 2 week options to express this play may yet prove to be cheap and rather effective on small spikes, I of course also draw your attention to our Binary Options which could prove to be highly effective for just this situation," says the note.

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