The RBA buying 3-year Australian government bonds, AUD 3bn, weakens AUD

In a surprise move outside of its usual operations mid-week, has announced that it is buying 3-year Australian government bonds to the tune of AUD 3bn.

This is weighing on AUD, already dented by the rise in US yields and the USD from the New York session following a terrible 7-year auction that lead to a spike in yields. 

At the time of writing, AUD/USD is now down 0.35% to a low of 0.7841 from a high of 0.7883 so far.