interbank midrate

FX News

AUD/USD Transfer

Australian Dollar (AUD), US Dollar (USD) action since mid-November remains range bound with swings between 0.6440 and 0.6540. Falling from the 0.6500 level off the weekly open the AUD reached 0.6441 before pushing back into Tuesday trading to 0.6485 as US JOLTS data released higher than expected. Earlier Aussie Retail Sales came in hot for October at 0.6 against September’s 0.1% with household goods the big mover up 1.4%. Also of note, Chinese Manufacturing data continues to improve based on recent figures with could also be supporting the AUD amid poor global economic growth. Non-Farm Payroll  releases Saturday morning with another decent release of the change in employed people in November expected. We predict a retest at 0.6440 support.

 

Current Level: 0.6485
Resistance: 0.6535
Support: 0.6440
Last Weeks Range: 0.6433- 0.6548

 

FX News

AUD/GBP Transfer

The British Pound (GBP) extended its run against the Australian Dollar (AUD) off the weekly open reaching 0.5100 (1.9600) Monday before coming under pressure into Tuesday. UK Manufacturing came in below forecast, the Purchasing Managers Index PMI at 48.0 in November down from 48.6 in October taking the cross back to 0.5130 (1.9500).  Calendar focus this week comes in the form of Australian GDP q/q with a big read expected around 0.5% in the September quarter. Growth has been declining since the 4Q of 2022 so this will be welcomed news. We could see a rebound towards 0.5150 (1.9430)

Current Level: 0.5173
Support: 0.5080
Resistance: 0.5215
Last week’s range: 0.5110- 0.5200

FX News

AUD/USD Transfer

The Australian Dollar (AUD) gapped to 0.6550 off the weekly close of 0.6500 against the US Dollar (USD) Monday before falling back in early Tuesday to 0.6485. Wednesday’s release of the CPI y/y holds our focus with predictions of a rise from September’s 2.1% to 2.5% in October. The release shouldn’t have much offshoot for the Reserve Bank of Australia (RBA) with the recent RBA minutes suggesting the central bank has no immediate need to cut interest rates saying they would need more than 1 good inflation report to sway them. Support at 0.6485 has held signalling we could see a small lift in the Aussie this week.

 

Current Level: 0.6505
Resistance: 0.6700
Support: 0.6440
Last Weeks Range: 0.6447- 0.6544

 

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) extended its run higher against the British Pound (GBP) reaching 0.5200 (1.9225) post Monday’s open off last week’s 0.5110  (1.9570). This move wasn’t to last with the Pound clawing back losses into Tuesday to 0.5170 (1.9340). Tomorrow’s Australian CPI release could strengthen the argument for further policy restrictions if the number comes in higher than 2.1% (September) as we predict. We expect the cross to retest 0.5215 (1.9170) this week.

 

Current Level: 0.5173
Support: 0.5080
Resistance: 0.5215
Last week’s range: 0.5110- 0.5200

FX News

AUD/GBP Transfer

UK inflation remains stubbornly high with the October number coming in at 2.3% against a consensus of 2.2%. This is much higher than the September figure of 1.7% with goods prices rising again. The Bank of England (BoE) meeting in December now suggests a “pause” is on the agenda with rate cuts also in February also now in question. Not “off the table” completely but reduced. UK Retail Sales prints tonight and should reflect a poor number as growth in the sector over November slumps. On the chart price has posted 0.5175 (1.9320) a 7-week low in the cross.

The current interbank midrate is: AUDGBP 0.5170 GBPAUD 1.9342

The interbank range this week has been: AUDGBP 0.5108- 0.5178 GBPAUD 1.9311- 1.9574

FX News

AUD/USD Transfer

In the absence of Australian Data this week the Australian Dollar (AUD) has performed well against the US Dollar (USD). The Aussie pushed higher above 0.6500 levels, the first positive week amid 7 weeks of declines off the back of soft US data. The fed’s reluctance to cut rates quickly could continue to weigh on the AUD along with weak Chinese economic data. We now target next week’s Australian CPI release Wednesday expected to come in at 2.5%.

The current interbank midrate is: AUDUSD 0.6510

The interbank range this week has been: AUDUSD 0.6447- 0.6543

FX News

AUD/USD Transfer

The RBA holds firm on interest rates, maintaining inflation remains stubbornly high, attributing much of it to the Government’s spending policies. The AUD has been savaged along with most Western currencies, due to the post-US Election rally, in the US Dollar. This has been tempered by the cautious statements from the Federal Reserve Chairman, but confidence is likely to keep upward pressure on the ‘Big Dollar’.

The current interbank midrate is: AUDUSD .6520

The interbank range this week has been: AUDUSD .6440 – .6520

FX News

AUD/GBP Transfer

The rebounding UK economy may have hit a brick wall, with the advent of the Labour Governments first Budget. The Budget was a toxic combination of increased taxes, increased spending and greater deficits and debt. This is the recipe for disaster and are already being suffered, as witnessed in last week’s plunging GDP growth reading. Economic growth tumbled and now attention turns to UK inflation. If UK inflation reverses recent trends and heads north again, that spells ‘Trouble’. The cross-rate volatility has been limited as the AUD has suffered precipitous loses, along with the GBP.

The current interbank midrate is: AUDGBP .5140 GBPAUD 1.9455

The interbank range this week has been: AUDGBP .5090-.5140 GBPAUD

FX News

AUD/USD Transfer

The Australian Dollar (AUD) extended its run lower off Monday’s open against the US Dollar (AUD) dropping to 0.6570. A daily close below 0.6500 could signal a greater bearish tone and big dollar strength. How US Inflation Thursday prints will determine how the cross moves with predictions the report could show a rise to 2.6% y/y from 2.4%. Later in the week we also have Aussie jobs data to consider, expectations are for a no change from 4.1% and a drop to the number of employed for October.

Current Level: 0.6574
Resistance: 0.6800
Support: 0.6500
Last Weeks Range: 0.6511- 0.6687

 

FX News

AUD/GBP Transfer

The Bank of England (BoE) cut their interest rate Friday from 5.00% to 4.75% as widely expected. The vote, an 8-1 decision was accompanied by benign policy guidance with a gradual approach to slowly removing restraints. The recent budget reinforcing a boost to growth and inflation. The British Pound (GBP) pushed higher over the news to0 0.5090 (1.9650). Heading into Tuesday the AUD has recovered slightly to 0.5110 (1.9570) as we await Australian Jobs data this week.

Current Level: 0.5107
Support: 0.5080
Resistance: 0.5175
Last week’s range: 0.5055- 0.5147