Recent global sentiment has risen the Australian Dollar (AUD) of late along with the rally in equity markets. However, the US Dollar (USD) rose Wednesday after a solid read in Core Retail Sales leading the Fed to be more hawkish the cross declined to 0.6600 areas. Australian unemployment rose in April as the economy shed jobs, the unemployment rate forecast was 3.5% but came in at 3.7%. A total of 4,300 jobs were lost after a strong start to 2023 for employment growth. Recent concerns that the RBA would continue to hike interest rates would have eased, the central bank has raised rates 11 times since this time last year. The risk now for USD buyers is that we see the pair dip back to the monthly low support at 0.6580 also the bottom of the recent 11-week range.
The current interbank midrate is: AUDUSD 0.6634
The interbank range this week has been: AUDUSD 0.6603- 0.6708