AUD/USD Transfer

The Australian Dollar (AUD) has well and truly shifted off its bull trend against the US Dollar (USD) over the past few days coming off the high at 0.6795 to 0.6630 this morning. Risk flow’s have clearly been affected from President Biden dropping out of the presidential race with the flight to safety intensifying. Also, of note is struggling Chinese markets and a downturn in precious metals. The data front this week is thin with only advance US GDP q/q on the docket and predictions of a rise to 2.0% from May’s 1.4%. We expect a retest of the low at 0.6570 over the coming days as the AUD is sold.

Current Level: 0.6638
Resistance: 0.6800
Support: 0.6570
Last Weeks Range: 0.6679- 0.6787


AUD/GBP Transfer

The Australian Dollar (AUD) has been sold off hard on the weekly open against the British Pound (GBP) extending last week’s declines to reach a fresh 3 month low of 0.5140 (1.9460) this morning. UK Retail Sales came in poor at -1.2% for the month of June after solid growth in May of 2.9% as households become cautious. The data had minimal effect on the cross as markets have been “risk averse” on the fallout of Biden exiting from the presidential race. UK Manufacturing prints later today, expected to come in decent and give the Pound a further boost.

Current Level: 0.5131
Support: 0.5120
Resistance: 0.5170
Last week’s range: 0.5168- 0.5229

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

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

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

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


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

AUD/USD Transfer

The Australian Dollar (AUD) extended its run higher against the US Dollar (USD) reaching 0.6790 this morning but failed to hold this level slipping back to 0.6755 at smoko. US Inflation was softer than expected weakening the USD overnight with June’s print at -0.1% compared to 0.1% expected. Year on year also ticked lower to 3.0% from 3.3% and below the predicted 3.1%. Bets have risen that the Federal Reserve will cut their interest rate in September. The Aussie has also done well of late from recovering commodity and equity prices. With the RBA one of the only G10 nations to not instigate rate cuts we could see further rises in the currency.

The current interbank midrate is: AUDUSD 0.6763

The interbank range this week has been: AUDUSD 0.6723- 0.6797


AUD/GBP Transfer

We haven’t seen much activity in the Australian Dollar (AUD), British Pound (GBP) cross over the last week, the pair preferring to stay within recent ranges, a surprise given all the geopolitical news of late. The GBP was well bid Monday reaching 1.9040 (0.5250) but has dipped into Tuesday to 1.9000 (0.5265). Markets taking relief from the incoming chancellor Rachel Reeves. Reeve s saying the UK will avoid tax-and spend policies. With the RBA still suggesting they will hike at the August meeting this should give the AUD a boost towards the key level at 0.5290 (1.8900)

Current Level: 0.5263
Support: 0.4780
Resistance: 0.5290
Last week’s range: 0.5248- 0.5286

AUD/GBP Transfer

The Australian Dollar (AUD) travelled to the bottom of the recent channel range over the week reaching a low of 0.5250 (1.9050) against the British Pound (GBP) before bouncing off Resistance to gain an edge around 0.5270 (1.8965) into Friday. We are not sure this will continue with UK elections polling in play, any certainty should send the AUD lower. At the moment the UK’s Labour party is expected to take a massive victory over the coming hours ending 14 consecutive years of Conservative leadership with around 39% of the vote compared to 22% for the Conservatives. Earlier Australian Retail Sales came in above expectations at 0.6% in May and the RBA minutes signalled they could hike interest rates at their August meeting improved the AUD.

The current interbank midrate is: AUDGBP 0.5274 GBPAUD 1.8960

The interbank range this week has been: AUDGBP 0.5249- 0.5287 GBPAUD 1.8911- 1.9051