After reaching 0.6390 midweek the Australian Dollar (AUD) has succumbed to a fresh bout of “risk off” sentiment giving back gains reaching 0.6290 against the US Dollar (USD). Geopolitical tensions in the Middle East have intensified creating a wave of safe haven buying of the greenback. Aussie jobs numbers were disappointing with a drop in the unemployment rate from 3.7% to 3.6%. Australia added less jobs than expected in September which has eased pressures on the RBA for a potential hike at their Nov 7 meeting. As its very bear market currently, we recommend buying USD on any decent spike.
The current interbank midrate is: AUDUSD 0.6326
The interbank range this week has been: AUDUSD 0.6295- 0.6392