FX News

AUD/USD Transfer:

The Australian Dollar (AUD) bounced off 0.6800 resistance late yesterday against the US Dollar (USD) falling back to 0.6700 in early morning trading. Risk dived as equity markets all recorded losses, the Aussie running into selling pressures. Dropping metal prices and weak Chinese data hasn’t helped. US CPI printed at 4.9% compared to 5.0% expected almost cementing chances the Federal Reserve won’t hike rates again in this cycle. This is the lowest inflation read since April 2021. Will disinflation continue is the question with around 70 points of rate cuts priced in this year’s forecast. Setbacks to 0.6570 will be well supported in the long term along with action above 0.6800 looking difficult. US Retail Sales prints next week, our focus on the economic docket.

The current interbank midrate is: AUDUSD 0.6699
The interbank range this week has been: AUDUSD 0.6687- 0.6817

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