The Australian Dollar continued its run north early week to 0.6545 against the US Dollar (USD) before slipping back as equity markets turned red. As markets digest the midterm election results in the US the Aussie fell back on speculation the Republicans are set to take over the “house” while the outcome for the senate is still being counted. US CPI prints tonight with expectations inflation may actually cool a tad y/y from 8.2%. The Fed won’t let inflation get away from them so will target another 75-point hike next month. Risk off may continue as the election draws to a result, the Aussie may drift lower.
Current Level: 0.6421
Last Weeks Range: 0.6272-0.6490