The Australian Dollar (AUD) is shaping up to register the biggest weekly decline in 2024 against the US Dollar (USD) as it continues to weaken off past 0.6690 to clock 0.6530 in early Friday sessions. Soft PMI reads and equity prices as well as precious metals and China markets have all weighed on the AUD this week. Signs of pending disinflation have markets confident the Fed will cut their interest rate at the September meeting. Fed officials however remain reluctant to start cutting sooner with incoming data still positive. On the chart we have support at 0.6400 to the downside.
The current interbank midrate is: AUDUSD 0.6546
The interbank range this week has been: AUDUSD 0.6511- 0.670