The Australian Dollar (AUD) continues to retest long term lows in 2024 against the US Dollar (USD) and broadly. The currency hasn’t been able to gain any real momentum based largely on central bank plays and large safe haven USD buying- overnight falling to 0.6490. The RBA left interest rates on hold Tuesday at 4.35% saying rates could rise further depending on incoming data and evolving assessments while downwardly revised their inflation and growth forecasts. RBA Gov Bullock said “signs are good” regarding inflation but “we have to be vigilant”. It’s likely the RBA will lag other central banks in moving to cutt rates which in theory could bring buyers back into the Aussie.
The current interbank midrate is: AUDUSD 0.6490
The interbank range this week has been: AUDUSD 0.6467- 0.6539