FX News

AUD/USD Conversion:

Risk appetite came into play early Wednesday in markets, the Australian Dollar (AUD) not managing to hold prices around 0.6950 against the US Dollar (USD) falling to 0.6770 across the week to a 7-week low. The AUD hit by big picture themes as the global outlook deteriorates and investors buy up the greenback. Earlier US Consumer Confidence printed above expectation reversing 3 consecutive months of declines and weekly unemployment claims improved to 232k both items pushing the US Dollar Index higher. The heavy support line on the chart is 0.6730, a drop below this area could signal greater AUD losses with thin air all the way to 0.6100. We should get a better picture of overall direction next week when the RBA hike rates to 2.35% from 1.85%, comments will also be key.

Exchange Rates:
The current interbank midrate is: AUDUSD 0.6795
The interbank range this week has been: AUDUSD 0.6770- 0.6955

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