He said the Australian dollar took a hit on Friday on news that Ukrainian forces destroyed part of a Russian convoy but had managed to make a recovery. "The Australian dollar was among the currencies that sold off when that was reported, there was a lot of nervousness, but it's been able to recover," Mr Callow said. "Nerves have settled down a bit but trade is cautious because we have the Reserve Bank of Australia minutes tomorrow, the testimony by governor Glenn Stevens on Wednesday, Chinese data on Thursday and we finish the week with US Federal Reserve chair Janet Yellen's speech at the Jackson Hole Summit. "Given there's not much on the calendar today, it's reasonable that the Australian dollar is trading cautiously ahead of those events later in the week.
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