FX News

AUD/USD Transfer:

The Australian Dollar (AUD) looked good over the early part of the week against the US Dollar (USD) reaching 0.6530 but was sharply sold off Thursday the cross down at 0.6100 as I write, the downtrend continuing. The Aussie finding going tough as the divergence between the RBA and Fed widens. The RBA slowed the pace of their tightening policy by raising their interest rate 25 points to 2.6% from 2.35%, surprising a bunch of market players as a 50-point rise was the preferred option. The RBA has pared back their peak in the RBA cash rate to 2.85% and will hike just one more time. The rise was the 6th in succession since May following rises in June, July, August, and September. The RBA has been indicating for a while they were setting up to start slowing the pace confident that inflation will soon be cooler in 2023. A break below 0.6380 and the AUD enters the Abyss. US Non-Farm Payroll releases tonight.

The current interbank midrate is: AUDUSD 0.6415
The interbank range this week has been: AUDUSD 0.6388- 0.6546

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