FX News

AUD/USD Transfer

The Australian Dollar (AUD), US Dollar (USD) came to life this morning on the release of key US CPI data turning inside out around 0.6980 before settling at 0.6990. The realisation the Federal Reserve will need to keep rates higher for longer with the outlook of the rate being 5.0% – 5.5% at year-end was considered. Growth at 1.0% and unemployment to rise to 4.0% may be the saviour with only an average chance now that the US economy will drop into a recession later this year. Looking ahead we have Aussie unemployment tomorrow and US Retails Sales, unemployment is predicted to publish steady at an unchanged 3.5%. We still see moderate upside for the AUD to 0.7150. However precious metals remain soft which might limit moves to the north.

The current interbank midrate is: AUDUSD 0.6986
The interbank range this week has been: AUDUSD 0.6891- 0.7028

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