FX News

AUD/USD Transfer

After 5 weeks of downside moves in the Australian Dollar (AUD), US Dollar (USD) the cross took a breather trading just above the weekly open of 0.6402 at 0.6414 as I write. At one point trading up at 0.6485 post a positive day in equities and recovering metal prices. US manufacturing has been a talking point over the past couple of days amid a lack of other data, the index releasing at 47.0 in August compared to 49 in July the 4th consecutive month. The US economy looks to be nearing the crossroads with stagnation a real prospect with worsening spending increasing fears of pending recession. It would take a decent fundamental shift to move the cross off its downside axis, we pick further lower over the coming days/weeks.

The current interbank midrate is: AUDUSD 0.6415

The interbank range this week has been: AUDUSD 0.6387- 0.6488

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