FX News

AUD/EUR Conversion:

The Euro (EUR), Australian Dollar (AUD) looks like an earthquake seismic chart this week with large swings taking place. Price settled into Friday around 1.4950 with strength back in the Euro with equities coming off overnight- the Nasdaq down over 4.0% at the close of NY. The ECB’s new “anti-fragmentation tool” announced midweek should pave the way for more aggressive tightening hikes later in the year. The tool will give more certainty with predictions of a hike of 25 points in July, 50 points in September, October, and November to cap somewhere around the 1.25% area by the end of 2022. Australian jobs numbers were solid at 60,000 people added to the workforce in May with the unemployment rate staying at 3.9%. We still support upside bias in the short to medium term for the Euro.

The current interbank midrate is: AUDEUR 0.6664 EURAUD 1.5003
The interbank range this week has been: AUDEUR 0.6584- 0.6730 EURAUD 1.4858- 1.5188

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