The Australian Dollar (AUD) was unable to hold prices around the 0.6900 area late last week against the US Dollar (USD) slipping to 0.6700 on risk sentiment and a slew of poor data releases. Iron Ore prices added to the heavier tone currently trading around the 110 level. PMI figures were a miss also along with building stats with the Aussie clocking 0.6630. US Consumer Confidence was up- the strongest read in 8 months. The Federal Reserve raised rates 50 points to 4.50% slowing the pace of their recent 75 point moves but cautioned that additional rate rises were needed to combat inflation as the growth outlook forecast for 2023 deteriorated. Heading into Christmas markets will be thin, and prices shouldn’t swing too far from where they currently sit around the 0.6700 zone.
The current interbank midrate is: AUDUSD 0.6707
The interbank range this week has been: AUDUSD 0.6628- 0.6742