Volatile markets during the US Election results sent the Australian Dollar (AUD) to an 8th August low of 0.6510 overnight, the US Dollar (USD) surging higher on a Trump win. Prices in the cross have since recovered to 0.6580 early this morning. The Fed will cut rates tomorrow by 25 points but will tread cautiously going forward with Trump supporting lower taxes and tariffs potentially impacting higher inflation. The Fed is predicted to make 2 more cuts this year with 1 in 2025 before easing in 2026. This now may be up in the air with increased inflationary pressures. Ultimately holding the Aussie lower for longer over the course of the next couple of years.
Current Level: 0.6569
Resistance: 0.6800
Support: 0.6500
Last Weeks Range: 0.6536- 0.6609