interbank midrate

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) started the week off on the back foot dropping to 0.5170 (1.9350) against the British Pound (GBP) clocking a 6-week low. Australian CPI printed Wednesday at 5.6% y/y higher than the expected 5.3% and the previous quarters 5.2%. Investors bought up AUD on mass post the release on speculation a hike of their base interest rate is now a given for their Nov 7 meeting. The cross reached 0.5250 (1.9050) before falling back as flight to safety on global worries set in. Next week’s Bank of England policy report and rate announcement should see a pause by the central bank.

The current interbank midrate is: AUDGBP 0.5214 GBPAUD 1.9179

The interbank range this week has been: AUDGBP 0.5170- 0.5258 GBPAUD 1.9016- 1.9339

 

FX News

AUD/USD Transfer

The Australian Dollar (AUD) reached 0.6400 midweek climbing off Monday’s open from 0.6310 against the US Dollar (USD) before reversing hard all the way back through 0.6300 as risk mood deteriorated Thursday. Geopolitical uncertainty has gripped markets with worry developing in the Middle East conflict. The Fed added to downside moves, saying they will keep policy higher for longer. Greenback demand evident, the US Dollar index surging. Early Friday we saw the cross post 0.6270, this is the lowest price in the pair since October 2022 and only the 4th time we have seen the cross trade this low this century. Looking ahead, next week we have the Fed rate release and statement and later (NFP) Non-Farm Payroll releasing. No change from 5.5% is predicted.

The current interbank midrate is: AUDUSD 0.6327

The interbank range this week has been: AUDUSD 0.6269- 0.6399

 

FX News

NZD/GBP Transfer

The British Pound (GBP) pushed to 0.4775 (2.0950) early week against the New Zealand Dollar (NZD) extending moves higher over the past two weeks creating a 5-week low in the cross. Assisted by better-than-expected UK Manufacturing data, the sector expanding in the month of September, the argument for the Bank of England to “pause” rate increases has come into play at next week’s policy meeting. Prices returned to 0.4820 (2.0740) midweek before more risk off sentiment sent the kiwi reeling again. The 50% Fib support around 0.4775 (2.0950) should hold heading into the weekly close.

The current interbank midrate is: NZDGBP 0.4796 GBPNZD 2.0850

The interbank range this week has been: NZDGBP 0.4770- 0.4822 GBPNZD 2.0734- 2.0964

 

FX News

NZD/GBP Transfer

It’s been all downhill this week for the New Zealand Dollar (NZD) extending declines from 0.4880 (2.0480) to 0.4800 (2.0840) against the British Pound (GBP) into morning trading. UK CPI came in hotter than analysts were expecting Wednesday at 6.7% y/y vs 6.6% forecast. This is unlikely to worry the Bank of England to much heading into their next policy meeting. The uptick in CPI attributed to the rise in fuel costs associated with the conflict in the Middle East. The risk off tone may last a while, setbacks in the GBP should be limited to 2.0380 (0.4910) with UK Retail Sales printing tonight.

The current interbank midrate is: NZDGBP 0.4811 GBPNZD 2.0785

The interbank range this week has been: NZDGBP 0.4797- 0.4884 GBPNZD 2.0475- 2.0846

FX News

AUD/GBP Transfer

The Australian Dollar (AUD), British Pound (GBP) traded within recent ranges over the week coming into Friday around 0.5210 (1.9190) just above the weekly open. Although earlier week UK CPI came in hotter than expected this didn’t have much effect, the pound falling away to 1.9070 (0.5245) as support for the Aussie returned. Australian Jobs numbers came in soft with less people employed in September, the Aussie giving back gains to 1.9260. Tonight’s Retail Sales in the UK is expected to print negative around the -0.3% mark which in turn could push the Aussie higher.

The current interbank midrate is: AUDGBP 0.5210 GBPAUD 1.9138

The interbank range this week has been: AUDGBP 0.5186-0.5243 GBPAUD 1.9071- 1.9280

 

FX News

AUD/USD Transfer

After reaching 0.6390 midweek the Australian Dollar (AUD) has succumbed to a fresh bout of “risk off” sentiment giving back gains reaching 0.6290 against the US Dollar (USD). Geopolitical tensions in the Middle East have intensified creating a wave of safe haven buying of the greenback. Aussie jobs numbers were disappointing with a drop in the unemployment rate from 3.7% to 3.6%. Australia added less jobs than expected in September which has eased pressures on the RBA for a potential hike at their Nov 7 meeting. As its very bear market currently, we recommend buying USD on any decent spike.

 

The current interbank midrate is: AUDUSD 0.6326

The interbank range this week has been: AUDUSD 0.6295- 0.6392

 

FX News

AUD/GBP Transfer

Risk flow has supported the British Pound (GBP) over the past couple of weeks, the Australian Dollar (AUD) slipping from 0.5305 (1.8850) to 0.5195 (1.9260) this morning. Bank of England’s (BoE) Bailey has said the economic outlook looks “subdued” and that monetary policy is restrictive. We expect more hikes ahead, but what could determine this is tomorrow’s UK inflation read which has been ‘sticky” at best over the past couple of months. We predict a drop to 6.6% y/y down from 6.7% likely to not get the central bank overly excited. A retest to 0.5170 (1.9350) looks likely.

Current Level: 0.5188
Support: 0.5170
Resistance: 0.5280
Last week’s range: 0.5174 – 0.5250

FX News

AUD/USD Transfer

Volatility is never far from the Australian Dollar (AUD) with the currency rousing big swings over the last several weeks against the US Dollar (USD). The upturn last week to 0.6440 reversed back to 0.6290 levels at the close equalling a prior low in October 2022. US CPI coming in at 3.7% y/y higher than the predicted 3.6% sending the greenback higher, Fed officials don’t expect this figure to return to their target 2.0% until 2026. Australian jobs numbers print later in the week and will have an impact on the timing of the next RBA hike.

Current Level: 0.6337
Support: 0.6285
Resistance: 0.6480
Last week’s range: 0.6285 – 0.6444

FX News

AUD/GBP Transfer

The British Pound (GBP) extended early week moves against the Australian Dollar (AUD) reaching 0.6185 (1.9280) this morning, a fresh 4 week low in the cross. Risk off market conditions contributing along with the Pound getting a boost from August GDP figures. GDP released at 0.2% nicely up from July’s -0.6% weakening prospects of the Bank of England hiking in November especially given 3rd quarter growth is predicted to come in broadly flat. Looking into next week we have UK CPI y/y and Australian employment figures.

The current interbank midrate is: AUDGBP 0.5184 GBPAUD 1.9290

The interbank range this week has been: AUDGBP 0.5180- 0.5250 GBPAUD 1.9046- 1.9308

 

 

 

 

 

FX News

AUD/USD Transfer

Overnight trading saw a release of US CPI numbers for September y/y coming in above expectations of 3.6% at 3.7% This rallied the US Dollar (USD) against its peers with yields going through the roof. The Australian Dollar (AUD) retreated off 0.6420 sliding to 0.6310 into Friday as the USD was bid higher. Massive chart support at 0.6300 is creeping into play again the 2023 low, I’m not sure the cross can avoid a breakout below this key figure, certainly if Fed members talk up prospects of another hike of interest rates before the end of the year we may see further downside bias continue.

The current interbank midrate is: AUDUSD 0.6316

The interbank range this week has been: AUDUSD 0.6306- 0.6444