The Australian Dollar has reached just shy of the Oct 2021 high at 0.7550 overnight against the US Dollar (USD) reversing back to 0.7480 this morning. US equities underperformed overnight as inflation and monetary risks started to come into play beside continued geopolitical risks. The Aussie still remains the top performer over the past month since the war agst Ukraine started. Stock and commodity values remain elevated assisting the currency to clock fresh highs. Signs of a ceasefire as new negotiations emerge with Russia this week will be held in Turkey. The situation on the ground still remains tense with Russian forces trying to take over Mariupol in south-eastern Ukraine. Key data out this week is US GDP q/q which is forecast to come in at 7.0%. Non-Farm Payroll data prints Friday with unemployment which is expected to improve slightly to 3.7% from 3.8%. Early Tuesday action sees price in the pair back around 0.7470- we predict a pull back off recent highs as long position profits are squared up.
Current Level: 0.7493
Last Weeks Range: 0.7373-0.7534