Risk gone Monday improved with most high-risk products making a comeback. The Australian Dollar (AUD) recovered to 0.6700 levels from 0.6635’s open against the US Dollar (USD). Aussie was hit particularly hard ending the week at lows from a 200-point upswing earlier in the week. Fallout from the US banking sector and US inflation expectations weighed heavily. Also, of note metal prices and worry in China with efficiency of the economy reopening have dulled global sentiment. The long-term double bottom base at 0.6570 has held up of late with setbacks being well supported here. We await US Retail Sales and Australian Jobs data this week.
Current Level: 0.6708
Last Weeks Range: 0.6636 (0.6812)