The Australian Dollar (AUD) was the strongest currency last week against the main board but made no move against the Euro (EUR). Perhaps consolidating after a massive two weeks of gains. Bouncing around the 0.6275 (1.5940) for most of the week from 0.6055 (1.6520) in late May. Villeroy didn’t help the Euro after he made dovish comments saying that inflation had peaked and the ECB may not hike further. With the recent slide in US equities, we may see the EUR pick up ground this week and stage a reversal of sorts towards 0.6210 (1.6100), this will mostly hinge on Eurozone manufacturing data late in the week.
Current Level: 0.6271 (1.5946)
Resistance: 0.6300 (1.6200)
Support: 0.6170 (1.5880)
Last Weeks Range: 0.6252-0.6309 (1.5848-1.5993)