Volatility is never far from the Australian Dollar (AUD) with the currency rousing big swings over the last several weeks against the US Dollar (USD). The upturn last week to 0.6440 reversed back to 0.6290 levels at the close equalling a prior low in October 2022. US CPI coming in at 3.7% y/y higher than the predicted 3.6% sending the greenback higher, Fed officials don’t expect this figure to return to their target 2.0% until 2026. Australian jobs numbers print later in the week and will have an impact on the timing of the next RBA hike.
Current Level: 0.6337
Last week’s range: 0.6285 – 0.6444