Australian unemployment clicked higher to 3.7% from June’s 3.5%, the Chinese economic outlook has worsened, and the RBA were dovish leaning all helped to push the Australian Dollar (AUD) to new lows against the Euro (EUR) this morning clocking 0.5860 (1.7060) a 3 May 2020 level. German economic sentiment released slightly better than expected at -12.3 vs -15.0 which is bizarre as the economic situation has worsened lately. We expect the Euro has further to run before any change in momentum is seen.
The current interbank midrate is: AUDEUR 0.5897 EURAUD 1.6957
The interbank range this week has been: AUDEUR 0.5860- 0.5974 EURAUD 1.6738- 1.7063