Risk sentiment has driven price moves this week in the Australian Dollar (AUD), Euro (EUR) pair, pushing higher to 0.6905 (1.4480) before slipping to 0.6840 (1.4620) into Thursday trading as equity markets improved overnight. The war between Ukraine and Russia entered the 50th day of battle with the Ukrainian President Zelenskiy saying the war will become an “endless bloodbath” without more weapons. Zelenskiy said the Ukrainian people have been defending itself far longer than the Russian army had planned. Justin Trudeau has followed calls from US President Biden calling what’s happening “a genocide”. Reports confirm over 1000 Ukrainian soldiers have surrendered and the port has been captured. Both Eurozone and German economic sentiment indexes have printed negative reflecting the situation in particular Germany worsened the second drop since the war began and similar to the read around the beginning of covid 19 in March 2020. The long-term bull channel remains solid with price predicted to retest 0.7000 (1.4300) over the following couple of weeks.
Exchange Rates:
The current interbank midrate is: AUDEUR 0.6847 EURAUD 1.4604
The interbank range this week has been: AUDEUR 0.6808- 0.6903 EURAUD 1.4486- 1.4688