FX News

AUD/USD Transfer

Apart form the Australian Dollar (AUD) spiking to 0.6698 early in the week against the US Dollar (USD) the cross has been choppy ever since pivoting around 0.6650 areas. The Aussie did get a small boost from Australian Trade Balance which came in at a surplus of 6.55B. The Australian economy grew just 0.1% in the first 3 months of 2024, with growth particularly weak in March. Markets were looking for a 0.2% gain in the quarter but with slowing retail spending and soft household spending, household budgets remain under pressure. While relief is on the way in the form of tax cuts which kick in July, rate cuts are some way off. With central bank policy starting to diverge we could see further upside in the AUD. US Non-Farm Payroll prints tonight. We expect normal volatility.

The current interbank midrate is: AUDUSD 0.6664

The interbank range this week has been: AUDUSD 0.6625- 0.6698


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