The Australian Dollar (AUD) dropped to its lowest level in 20 months this morning against the Euro (EUR) as the RBA held interest rates unchanged yesterday. The Australian central bank decided it was time to pause hiking to assess the economic outlook amid considerable uncertainty. This is to say they have not ruled out more rises if required. RBA’s Lowe said they remain resolute in their determination to bring down inflation to their target band. Also of note is the opinion of the RBA that inflation may have peaked. We won’t know until Q1 is published at the end of this month. With Easter break looming it should be a slow finish to the week. Downside pressures remain for the AUD.
Current Level: 0.6165 (1.6220)
Resistance: 0.6290 (1.6400)
Support: 0.6100 (1.5900)
Last Weeks Range: 0.6130-0.6195 (1.6142-1.6312)