The Australian Dollar (AUD) came back hard from the long-term low at 0.6540 overnight against the US Dollar (USD) pushing up to 0.6580 in morning trading.
US ADP Jobs data came in stronger than markets were expecting with 233,000 new jobs in October more than the 113,000 expected, the highest read since July 2023 sparking expectations that the Fed may “hold” interest rates at their November 8th meeting. We will get a better look at what the fed are thinking when Non-Farm Payroll and the unemployment rate releases tonight. Next week’s RBA Tuesday will be interesting with mounting pressure for the central bank to start cuts.
The current interbank midrate is: AUDUSD 0.6581
The interbank range this week has been: AUDUSD 0.6536- 0.6609