FX News

EURO/AUD Transfer

The Euro (EUR), Australian Dollar (AUD) continues to bounce around recent levels without much conviction. The cross sits at the edge of range resistance this morning at 0.6080 (1.6450) after coming from the bottom of the band at 0.6025 (1.6600) mid last week. The ECB continues to worry about high inflation while they cut growth forecasts for 2024. A rebound is expected to be more modest than thought but will pick up the pace as prices slow and a strong labour market. French and German manufacturing is this week with forecasts of a pick-up in the sector adding a boost to the EUR.

Current Level: 1.6501
Resistance: 1.6600
Support: 1.6380
Last Weeks Range: 1.6475- 1.6609

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