FX News

AUD/EUR Conversion:

The Euro (EUR) dropped to 1.4280 (0.7000) late Friday against the Australian Dollar (AUD) surpassing the prior low in April this year of 1.4320 (0.6985) posting a fresh April 2017 low. Miraculously the EUR recovered at the close of the week and has pushed higher to 1.4550 (0.6870) into early Tuesday on risk sentiment. Equity markets have been hit hard over the past few days but stabilised overnight helping the Euro make a recovery. Australian Retail Sales surged 1.3% in July the biggest in 4 months defying higher rates and inflation. The report was expected to print at 0.3% after a 0.2% rise in June and 0.7% in May. With consumer sentiment down and growth expectations predicted to be dire over the coming months, it’s one out of the bag for sure. The RBA is expected to hike rates by 50 points in September with inflation expected to climb to over 8% this year. I wouldn’t get excited of a return to form for the Euro this week.

Current Level: 0.6893 (1.4507)
Resistance: 0.7010 (1.4740)
Support: 0.6785 (1.4260)
Last Weeks Range: 0.6845-0.7003 (1.4278-1.4609)

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