The EUR has traded most of this week in a heavy tone versus the Australian Dollar (AUD), the cross travelling to 1.5340 (0.6520) before recovering into Friday to 1.5480 (0.6420) The RBA Tuesday raised their cash rate as predicted from 2.6% to 2.85% with the RBA saying more rate hikes can be expected but incoming data dependant. The outlook has also deteriorated to just 1.5% growth in 2023 and 2024 with inflation to come off 7.3% to somewhere around 4.75% in 2023 as long as the RBA can manage rate hikes accordingly. Looking ahead we have a light calendar week of data with just EU Economic forecasts Friday. A retest of the recent 0.6380 (1.5680) low looks likely.
The current interbank midrate is: AUDEUR 0.6451 EURAUD 1.5501
The interbank range this week has been: AUDEUR 0.6427- 0.6518 EURAUD 1.5341- 1.5558