Flash: UBS flows see AUD finding buyers at last

FXstreet.com (Barcelona) - UBS G10 FX Strategist Gareth Berry reports UBS finally experienced modest net buying of Australian dollars last week on the back of the RBA minutes from the July 2, which sounded less dovish than expected.

Key quote

"Conviction is in short supply however − activity continues to suffer as the holiday season kicks in. Turnover through EURUSD, for example, hit a YTD low. Participation in the Nordics was particularly subdued. Hedge fund net buying hit an 11-week high."