The Australian Dollar (AUD) soared past daily resistance at 0.6695 mid-week to reach 0.6730 this morning against the US Dollar (USD) as the greenback comes under pressure. Sticky Aussie inflation is still causing concerns for the RBA with Retail Sales coming in at 0.6% for May above expectations of 0.3% and 0.1% in April. Also of concern is the real possibility the RBA will raise rates from 4.35% at their August meeting. On the other hand, the US PMI data for June came in weaker dragging the greenback down. Non-Farm Payroll is tonight with anything higher than 191,000 new jobs added to boost the USD.
The current interbank midrate is: AUDUSD 0.6732
The interbank range this week has been: AUDUSD 0.6633- 0.6733