interbank midrate

FX News

AUD/GBP Transfer

Predominantly risk off markets this week has seen the Australian Dollar (AUD) extend losses from mid last week’s 0.5235 (1.9100) levels to reach 0.5140 (1.9450) Wednesday against the British Pound (GBP). The Aussie fought back however to 0.5180 (1.9300) post the Australian employment print which still showed a modestly tight labour market. Earlier UK CPI y/y printed at 3.2% down from 3.4% in February slightly higher than forecast of 3.1% helping to support the GBP, the largest contribution towards the number being a drop in food prices. BoE governor Bailey saying next month he predicts a larger drop to the CPI figure. We expect further downside moves in the AUD over the medium term.

The current interbank midrate is: AUDGBP 0.5158 GBPAUD 1.9387

The interbank range this week has been: AUDGBP 0.5139- 0.5208 GBPAUD 1.9199- 1.9456

FX News

AUD/USD Transfer

The Australian Dollar (AUD) managed to recover some of the early week losses against the US Dollar (USD) in a strong bear market to push off the low at 0.6385 to reach 0.6455 Thursday. Aussie dollar shorts took profit as Australian job numbers rose. Unemployment rose 0.1% to 3.8% in March while the employed fell by 6,600. The Australian labour market is expected to stay buoyant for some time with expectations of unemployment to be at 4.3% by year end. Spending will likely be squeezed with high interest rates. Interest rates not predicted to drop until later in 2024. With the cross trading below key support at 0.6450 we expect further bearish momentum.

The current interbank midrate is: AUDUSD 0.6411

The interbank range this week has been: AUDUSD 0.6387- 0.6492

 

 

 

 

FX News

AUD/GBP Transfer

The British Pound (GBP) extended gains on the Australian Dollar (AUD) Monday as markets focus on geopolitical risk uncertainty. The AUD/GBP reached 0.5175 (1.9325) as markets turned risk averse. To be fair things could have been a whole lot worse in the cross, the Aussie having found a little demand this morning as it pushed back to around 0.5185 (1.9290). On the docket this week we have UK CPI Wednesday predicted to come in at 3.1% y/y for March compared to 3.4% in February followed by Australian Jobs data Thursday with unemployment expected to tick higher off 3.7%

Current Level: 0.5175
Support: 0.5120
Resistance: 0.5235
Last week’s range: 0.5184- 0.5237

FX News

AUD/USD Transfer

The Australian Dollar (AUD) has gone 2 cents lower since mid-last week against the US Dollar (USD) falling hard after the Iran air strikes on Israel over the weekend extended declines. This is retaliation of the attack on the Syrian consulate. Overnight US Retail Sales beat expectations fuelling a greenback buy spree amid reduced geopolitical tensions. March figures are up 0.7% form 0.3%, the news also pushing up the 10-year treasury yield to 4.619 the highest level since November last year. Australian Jobs numbers release Thursday with the unemployment figure expected to print higher to 3.9% from 3.7% in February. This wont please the RBA as jobs data has a direct impact on inflation forecasting. With the AUD/USD down at 0.6440 as I write we may see a reconciliation of sorts as short sellers take profit.

Current Level: 0.6443
Support: 0.6430
Resistance: 0.6530
Last week’s range: 0.6454- 0.6643

FX News

AUD/USD Transfer

The Australian Dollar (AUD) edged higher to a 4-week high of 0.6644 against the US Dollar (USD) in early week moves as risk sentiment improved. As the US Federal Reserve delivered their inflation report prices in the cross plummeted 120 points to 0.6500 levels with markets not happy about the uptick in inflation from 3.4% y/y at 3.5%. This is the third straight month CPI has increased above expectations. The Fed now will dial back interest rate cuts predicted earlier this year most likely from June to September. Inflation cooled at the end of 2023, but the Fed now seems less confident they will see levels around 2.0% targets in 2024 making for a “higher for longer” theme.

The current interbank midrate is: AUDUSD 0.6540

The interbank range this week has been: AUDUSD 0.6497- 0.6643

 

 

 

FX News

AUD/GBP Transfer

With a lack of meaningful data publishing the British Pound (GBP), Australian Dollar (AUD) cross has been affected mostly over the week by US Data ques. The GBP drifted lower off the open extending last week’s move s to 0.5240 (1.9090) before reversing on hotter than expected US inflation data reaching 0.5185 (1.9290). US inflation released higher than expected pushing risk flow currencies into the red as the USD rallied. Next week’s UK CPI y/y read should throw up volatility with predictions of a drop to 3.1% y/y from the current 3.4%. The pair is still trading in a bull trend from the low at 0.5110 (1.9570) early March.

The current interbank midrate is: AUDGBP 0.5206 GBPAUD 1.9208

The interbank range this week has been: AUDGBP 0.5184- 0.5237 GBPAUD 1.9093- 1.9288

 

 

 

 

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) punched through 0.5195 (1.9250) resistance in overnight trading vs the British Pound (GBP) on its way to post 0.5225 (1.9135) an 11-week high. A short week meant we have seen little meaningful data published in the cross. Last week’s Aussie CPI release saw a pause to inflationary pressures, the RBA not to happy with the result. While the move from the central bank is likely to be a cut this won’t happen for some time. Wage growth which is closely corelated with inflation which sits at 4.2% needs to start tracking higher. We need to see a break back below 0.5200 (1.9250) to confirm further downside in the pair.

The current interbank midrate is: AUDGBP 0.5206 GBPAUD 1.9208

The interbank range this week has been: AUDGBP 0.5161- 0.5226 GBPAUD 1.9133- 1.9375

 

 

 

FX News

AUD/USD Transfer

The Australian Dollar (AUD) rose from 0.6480 late Monday reversing 10 days of losses as the currency travelled to 0.6620 against the US Dollar (USD). The Aussie has been boosted from precious metal prices particularly Copper, along with rises in equities. However, in NY overnight trading we have seen the AUD fall back to 0.6580 into Friday. Meanwhile US Manufacturing jumped in March mildly supporting the big dollar which has triggered questions over a June Fed rate cut. Tonight, we have US Non-Farm Payroll and the unemployment rate which should cause volatility.

The current interbank midrate is: AUDUSD 0.6582

The interbank range this week has been: AUDUSD 0.6479- 0.6618

 

 

 

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) pushed past the 50-day moving average mid last week signalling it could extend higher against the British Pound (GBP). Posting up 0.5195 (1.9250) a fresh 4 week high the AUD did well to hold around here before falling back after the RBA Financial Stability Review published bringing back some weakness to 0.5160 (1.9370). This week’s action has been slow with moves pivoting around 0.5175 (1.9320) leading up to today’s CPI y/y release. Forecast is for a rise from 3.4% to 3.5% and more talk around “higher for longer” expected.

The current interbank midrate is: AUDGBP 0.5174 GBPAUD 1.9327

The interbank range this week has been: AUDGBP 0.5167- 0.5187 GBPAUD 1.9276- 1.9353

 

FX News

AUD/USD Transfer

The Australian Dollar (AUD) consolidated around 0.6520 levels at the end of the week after moving back from 0.6630 after stronger than expected job numbers. The US Dollar (USD) remains in change fundamentally with risk sentiment factored in. Monday we saw 0.6555 before the currency slipped below the 50-day moving average to 0.6530 as it looks to retest 0.6500. Today’s CPI y/y for February should show a rise in inflation which will no doubt be a concern for the RBA who are ready to start cutting rates. A break below 0.6450 could reflect a further retest of the low at 0.6350.

The current interbank midrate is: AUDUSD 0.6533

The interbank range this week has been: AUDUSD 0.6504- 0.6558