FX News

AUD/EUR (EUR/AUD) Conversion:

After a sizable push higher last week by the Euro (EUR) against the Australian Dollar (AUD) to 0.6520 (1.5340) areas the currency was unable to hold as German Manufacturing data printed. Recent sharp dips in exports towards the end of the second quarter have slowed momentum and put pressure on the already slowing economy. Figures showing the worst read since June 2020 at 52.0 compared to 54.0. This took the EUR low to 0.6590 (1.5180) where the pair closed on the week. Prices into Tuesday were Euro supportive as risk assets struggled and sentiment turned. ECB inflation is at the end of the week and should represent a fresh high around 8.5% thus factoring tightening of 150 points by the end of 2022- hopefully, we get clues as to how fast this may happen. Our prediction of moves to 0.6520 (1.5340) area was correct – further upside bias in the Euro is expected over the week.

Current Level: 0.6545 (1.5278)
Resistance: 0.6650 (1.5550)
Support: 0.6430 (1.5040)
Last Weeks Range: 0.6517-0.6646 (1.5046-1.5343)

Previous ArticleNext Article