The Australian Dollar (AUD) has continued to push higher against the US Dollar (USD) into Friday sessions, the cross reaching 0.6880 a fresh late February 2023 high. Poor Chinese data hasn’t held back the AUD with Industrial Production, Retail Sales and House prices all releasing worse than predicted. Australian employment figures improved in May showing the unemployment dropped from 3.7% to 3.6% as participation grew 79,000. This doesn’t paint the picture the RBA has in mind for a slowing economy casting questions over probability of further hikes from the RBA. The RBA governor Lowe saying inflation pressures are rising and further tightening may be required. Recession fears in the US have eased with analysts left scratching heads over how the economy has been so resilient. The Fed leaving their rate unchanged at 5.25% yesterday while the door is still open for further tightening in July and maybe November.
The current interbank midrate is: AUDUSD 0.6884
The interbank range this week has been: AUDUSD 0.6726- 0.6892