• AUD partly improves from late Asian fall
  
  
• S&P quoted saying that it does not see large risk of rating change over next 2
  years
  
  
• AUD off 45 pips earlier on oft-repeated S&P warnings on budget vulnerability
  
  
• Move expected to be algo driven in thin market conditions
  
  
• Initial support at 0.7775, stable resistance at 0.7830-40