Recessionary conditions across Europe are having the desired effect on inflation and the ECB may now look to halt interest rate rises. The ECB and Bank of England are clearly at the end of their monetary policy tightening cycle, while Australian inflationary conditions persist. These monetary and economic conditions may work in the favour of the AUD, for the short-term, but long-term pain is on the horizon. Fiscal largesse remains an issue across the West, with deficit and debt a root cause of inflation.
Current Level: 0.6047
Resistance: 0.6080
Support: 0.6020
Last Weeks Range: 0.6021 – 0.6077