The Australian Dollar (AUD) notched gains into Tuesday to 0.6650 after dropping early week to 0.6625 against the US Dollar (USD) broadly outperforming. The greenback giving back gains as the US congress debt- ceiling debate negotiations continue. We expect markets to price in additional “market risk” before a result is agreed which could be dovish for the Fed. Fed member Waller speaks on later this week which could bring further volatility. No Aussie economic data of note on the calendar this week, Fed minutes Thursday morning.
Current Level: 0.6659
Resistance: 0.6800
Support: 0.6600
Last Weeks Range: 0.6604-0.6708