The Australian Dollar (AUD) reversed off 0.6680 (1.4970) the July 2022 low midweek pushing back to 0.6765 (1.4780) in morning trading as risk improved. Putin spooked Euro buyers by announcing he was mobilising more troops into Ukraine. Consumer confidence in the eurozone is at the lowest on record falling 28 points below the 2020 level. Also on the wires was ECB Guindos which hasn’t helped by delivering a fairly downbeat view of things to come. Lagarde said more hikes are necessary to tackle inflation – this will be “the fastest change in rates in our history”. We have French and German Manufacturing data releasing tonight which isn’t expected to be pretty. We may see the Aussie edge higher and retest 0.6790 (1.4730) prior to the close.
The current interbank midrate is: AUDEUR 0.6755 EURAUD 1.4803
The interbank range this week has been: AUDEUR 0.6684- 0.6777 EURAUD 1.4754- 1.4960