currency

FX News

AUD/USD Transfer

The Australian Dollar (AUD) received a minor lift yesterday after jobs data came in mixed. The Aussie pushed up to 0.6740 from 0.6720 with unemployment publishing at 4.1% as expected. However, the number of employed people in June rose 50k keeping a lid on more upside. Also of note is recent Chinese data and falling commodity prices have affected the AUD. The Fed will look to start cutting interest rates in September and again at their December meeting which will lend a hand to AUD buyers. Heading into Friday trading the pair trades down at 0.6705 having retested 0.6700 support.

The current interbank midrate is: AUDUSD 0.6693

The interbank range this week has been: AUDUSD 0.6693- 0.6787

FX News

NZD/GBP Transfer

The New Zealand Dollar (NZD) continues to underperform this week against the British Pound (GBP) falling briefly to 0.4655 (2.1490) Wednesday recovering slightly into Friday to 0.4670 (2.1415). UK CPI turned in sticky rising to 2.0% from 1.9% y/y in June, the Bank of England refraining from talk of cutting rates and will likely hesitate unwinding monetary policy with ongoing inflation pressures. We have already seen the Pound grow from 0.4810 (2.08) levels over the past fortnight, we predict a retest of 0.4630 (2.1585) the multi-year low.

The current interbank midrate is: NZDGBP 0.4663 GBPNZD 2.1445

The interbank range this week has been: NZDGBP 0.4652- 0.4718 GBPNZD 2.1193- 2.1493

FX News

AUD/GBP Transfer

The New Zealand Dollar (NZD) rise post mid week’s NZ CPI release to 0.6100 levels was short lived as we expected- the kiwi giving back gains Thursday to clock 0.6040 in late NY trading as downside bias resumed. Earlier US Fed chair Powell said the central bank would not wait until inflation is back at 2.0% to cut rates which could end up sending the NZD higher at some point if we see a policy change. The cross is sitting just above the 10-week low of 0.6033- a swing through here and 0.6000 is the next target zone.

The current interbank midrate is: NZDUSD 0.6035

The interbank range this week has been: NZDUSD 0.6033- 0.6110

FX News

AUD/GBP Transfer

The British Pound (GBP) bounced off solid resistance at 1.9350 (0.5170) as we predicted it would against the Australian Dollar (AUD) falling to 1.9290 (0.5185) into early Friday sessions. A higher UK CPI y/y read for June came in at 2.0% based on 1.9% estimates raising concerns for earlier rate cuts by the Bank of England (BoE). Australian unemployment rose to 4.1% as predicted, up from 4.0% in May, the AUD receiving a boost back at 0.5190 (1.9260) overnight during NY.

The current interbank midrate is: AUDGBP 0.5171 GBPAUD 1.9338

The interbank range this week has been: AUDGBP 0.5165- 0.5230 GBPAUD 1.9117- 1.9359

FX News

NZD/AUD Transfer

Still no luck for the New Zealand Dollar (NZD) this week as it came into Friday around the weekly open at 0.9020 (1.1090) against the Australian Dollar (AUD). At one point it dipped to a new yearly low at 0.8970 (1.1150). Australian Jobs data came in mixed with the number of employed rising 50k in June with official unemployment rising from 4.0% to 4.1%. With no clear trend to incoming data, it’s becoming harder to get a read on what the RBA may do next, certainly it’s becoming more likely the central bank will raise their interest rate at their 6th August meeting if incoming data doesn’t show a changing economy.

The current interbank midrate is: NZDAUD 0.9010 AUDNZD 1.1090

The interbank range this week has been: NZDAUD 0.8968- 0.9047 AUDNZD 1.1053- 1.1150

 

FX News

AUD/USD Transfer

The Australian Dollar (AUD) reached 0.6798 Friday coming within a whisker of the yearly high. Monday morning was a different story as markets figured out the aftermath of the Trump assignation attempt. Risk flow turned down with the safe haven US Dollar (USD) sought. The cross dropping to 0.6720 early Tuesday. US Retail Sales published at 0.0% although the headline consensus was for a drop of    -0.3% in the month of June, US consumers are still spending despite signs of slowing in the economy. Tomorrow’s Australian employment data predicted at 4.1% should be bearish for the Aussie.

Current Level: 0.6730
Resistance: 0.6800
Support: 0.6570
Last Weeks Range: 0.6723- 0.6797

 

FX News

EURO/AUD Transfer

The Australian Dollar (AUD) clocked 0.6250 (1.6000) late last week against the Euro (EUR) a new yearly high before loosing steam Monday giving back gains to 0.6180 (1.6180). Setbacks in the Aussie should be fairly well supported with key support seen at 0.6170 (1.6215) close by. On the economic docket this week in the cross we have Australian Unemployment data with expectations the unemployment rate should tick higher from 4.0% to 4.1% lending further support of no more hikes to the RBA cash rate. Friday’s ECB cash rate will publish with no change to the 4.25% currently, we expect two further cuts this year from the ECB.

Current Level: 1.6196
Resistance: 1.6215
Support: 1.6000
Last Weeks Range: 1.6000- 1.6089

FX News

AUD/EURO Transfer

The Australian Dollar (AUD) clocked 0.6250 (1.6000) late last week against the Euro (EUR) a new yearly high before loosing steam Monday giving back gains to 0.6180 (1.6180). Setbacks in the Aussie should be fairly well supported with key support seen at 0.6170 (1.6215) close by. On the economic docket this week in the cross we have Australian Unemployment data with expectations the unemployment rate should tick higher from 4.0% to 4.1% lending further support of no more hikes to the RBA cash rate. Friday’s ECB cash rate will publish with no change to the 4.25% currently, we expect two further cuts this year from the ECB.

Current Level: 0.6174
Resistance: 0.6250
Support: 0.6165
Last Weeks Range: 0.6215- 0.6250

FX News

GBP/AUD Transfer

The British Pound (GBP) extended its run Monday off 1.9140 (0.5225) against the Australian Dollar (AUD) to reach 1.9270 (0.5190) this morning a 5-week high. The GBP however could run into selling pressures in the run up to tonight’s UK inflation release as punters unwind long Pound positions. Should Australian jobs numbers come in light tomorrow we could see further speculation by the RBA of a hike at their next meeting- chances are 25% at the moment with inflation not behaving. Heavy support seen at 0.5170 (1.9340) on the chart but we expect prices to reverse back towards the 0.5210 (1.9200) zone.

Current Level: 1.9278
Resistance: 1.9400
Support: 1.8940
Last Weeks Range: 1.8948- 1.9144

FX News

AUD/GBP Transfer

The British Pound (GBP) extended its run Monday off 1.9140 (0.5225) against the Australian Dollar (AUD) to reach 1.9270 (0.5190) this morning a 5-week high. The GBP however could run into selling pressures in the run up to tonight’s UK inflation release as punters unwind long Pound positions. Should Australian jobs numbers come in light tomorrow we could see further speculation by the RBA of a hike at their next meeting- chances are 25% at the moment with inflation not behaving. Heavy support seen at 0.5170 (1.9340) on the chart but we expect prices to reverse back towards the 0.5210 (1.9200) zone.

Current Level: 0.5187
Support: 0.5155
Resistance: 0.5280
Last week’s range: 0.5223- 0.5277