FX News

AUD/USD Transfer

The Australian Dollar (AUD) has given back last week’s gains against the US Dollar (USD) falling hard to 0.6360 this morning. Pockets of recoveries midweek saw the pair hold around 0.6400 for a short time but with markets diverting back to “risk off” flow has been unwound into the greenback. The RBA hiked their interest rate to 4.35% as widely expected to a 12 year high. New governor Bullock said she was ready to hike again if required. Inflation is still too high and has proven more persistent than it was a few months back. The release and post sell off in the Aussie left punters scratching heads as usually hikes attract investors buying the associated currency. Attention now will divert to the Australian wages data publishing next week- a sharp rise in numbers may point to another rate hike in December. We expect the current bear trend to continue into the weekly close.

The current interbank midrate is: AUDUSD 0.6365

The interbank range this week has been: AUDUSD 0.6361- 0.6522

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