How wrong we were post the RBA release last week. Usually, a hike to rates creates buyer interest in the corresponding currency. As the RBA hiked as predicted to 4.35% we saw a small rise in the Australian Dollar (AUD) but this spike wasn’t to last, the currency falling away sharply to end the week around 0.5950 (1.6800) levels. Who knew. The cross tested prior support at 0.5940 (1.6840) before recovering back to 0.5975 (1.6740) this morning. Australian job numbers print later today with forecasts the unemployment rate to rise from 3.6%.
Current Level: 1.6784
Last Weeks Range: 1.6452 – 1.6830