The Euro (EUR) extended gains over the week on the Australian Dollar (AUD) to 1.4930 (0.6700) a mid-July low, the 3rd week straight the Euro has outperformed. Markets were risk averse over the first half of the week before Aussie employment data printed. Data was generally in line with expectations with the Unemployment Rate rising to 3.5% and the workforce adding 33,500 jobs. No data published in the Eurozone meant big picture themes were also in play. Fib support at 0.6665 (1.5000) should hold into the close, we expect a reversal towards 0.6800 (1.4700) next week.
The current interbank midrate is: AUDEUR 0.6697 EURAUD 1.4932
The interbank range this week has been: AUDEUR 0.6692- 0.6816 EURAUD 1.4670- 1.4941