interbank midrate

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) extended the recent move higher against the British Pound (GBP) into the weekly close to 0.5265 (1.9000), this is the 5th week straight we have seen the AUD outperform reversing off 0.5000 (2.000). 0.5265 (1.9000) represents a resistance pivot point for the cross with direction from here uncertain. We wouldn’t be surprised if the AUD reversed towards 0.5170 (1.9350) over the week.

Current Level: 0.5259
Support: 0.5025
Resistance: 0.5375
Last week’s range: 0.5184 – 0.52071

FX News

AUD/USD Transfer

The Australian Dollar (AUD) looks steady heading into the week against the US Dollar (USD) trading around the 0.6420 zone slightly down off the open. The cross trading well within its 7-week range. With long term support at 0.6350 for the Aussie and downside bias still in the air we expect the pair to retest this area over the week. A daily close below 0.6400 could signal further declines. To the topside 0.6510 looks distant.

Current Level: 0.6423
Support: 0.6700
Resistance: 0.6350
Last week’s range: 0.6384 – 0.6510

FX News

AUD/USD Transfer

The Australian Dollar (AUD) reached 0.6500 midweek against the US Dollar (USD) but couldn’t hold this level, falling back sharply to 0.6400 on the Fed announcement. The Federal Reserve held the cash rate at 5.5% Thursday as predicted but signalled they were prepared to hike again one more time in 2023 to stabilise rising inflation. It often takes many months to see the full effects of a slowing economy. Fed chair Powell said a slower pace of hikes would give them more time to see how the economy responds. Pivoting around the 0.6400 area Friday we see a possible retest of the recent low at 0.6360 over the coming couple of weeks.

The current interbank midrate is:   AUDUSD 0.6403

The interbank range this week has been:   AUDUSD 0.6385- 0.6511

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) continued its 5-week dash to 0.5250 (1.9050) against the English Pound (GBP) Wednesday before giving back small gains over the last few hours to 0.5220 (1.9160).It has been all UK data on the docket this week, the GBP taking hits from all corners. UK inflation y/y printed better than forecast at 6.7% vs 7.0% a downside surprise, welcomed by the Bank of England with further rate hikes firmly coming into question. Certainly, last nights BoE “hold” at 5.25% was mostly priced in based on this inflation read. The central bank halting after 14 straight hikes going back to Dec 2021. The Bank was a little dovish, but another rate hike is still possible. BoE members voted 5 in favour of holding, including Governor Bailey, vs 4 to hike. We see stiff resistance at 0.5265 (1.9000) on the chart.

The current interbank midrate is:    AUDGBP 0.5213    GBPAUD 1.9182

The interbank range this week has been:    AUDGBP 0.5025- 0.5271    GBPAUD 1.9055- 1.9283

 

FX News

NZD/GBP Transfer

The New Zealand Dollar (NZD), British Pound (GBP) pair has been centre of attention this week with a slew of data releasing. UK CPI came in at 6.7% compared to 7.0% predicted leading to a halt to the Bank of England (BoE) cash rate overnight. This ends their 14 straight run of hikes. It was always going to be close with most predicting a hike to 5.5% the likely result. The UK economy looks to have turned a corner choking high inflation woes. NZ GDP also surprised with data representing growth of 0.9% in the second quarter officially taking the economy out of a shallow recession. The RBNZ will now have work to determine if they will need to raise rates again to deflate the economy. The cross has only travelled one way over the week clocking 0.4825 (2.0720) this morning, the NZD extending its run higher for the 5th straight week after starting out around 0.41770 (2.0960)

The current interbank midrate is:   NZDGBP 0.4819    GBPNZD 2.0751

The interbank range this week has been:   NZDGBP 0.4759- 0.4834    GBPNZD 2.0688- 2.1009

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) is drifting around the 0.5200 (1.9240) zone early Tuesday against the British Pound (GBP) having outperformed last week from 0.5115 (1.9550) levels. It’s a big calendar of data on the books this week- the Bank of England (BoE) are predicted to raise interest rates from 5.25% to 5.50% Thursday however CPI releases the day prior which could put a cat amongst the pigeons if the figure is above 7.0% forecast raising questions of further hiking not to mention pushing up the value of the GBP. Baileys post release will be key. UK Retail Sales and Manufacturing print at the end of the week. A push through 0.5225 (1.9140) looks unlikely.

Current Level: 0.5200
Support: 0.5025
Resistance: 0.5270
Last week’s range: 0.5114 – 0.5209

FX News

AUD/USD Transfer

The Australian Dollar (AUD) looks steady heading into the week against the US Dollar (USD) trading around the 0.6420 zone slightly down off the open. The cross trading well within its 7-week range. With long term support at 0.6350 for the Aussie and downside bias still in the air we expect the pair to retest this area over the week. A daily close below 0.6400 could signal further declines. To the topside 0.6510 looks distant.

Current Level: 0.6423
Support: 0.6700
Resistance: 0.6350
Last week’s range: 0.6384 – 0.6510

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) extended higher over the week against a struggling English Pound (GBP) with price reaching 0.5195 (1.9245) into Friday. The Pound weighed down by softer industrial production, and dovish employment data. The UK economy shrank in July with figures confirming the economy is cooling as the tightening of monetary policy takes effect. GDP Fell -0.5% compared to the previous month after forecasts were for a -0.2% drop. Next week the Bank of England (BoE) will raise hike rates from 5.25% to 5.50%, we expect the GBP to push higher leading up to the release.

The current interbank midrate is: AUDGBP 0.5186 GBPAUD 1.9282

The interbank range this week has been: AUDGBP 0.5110- 0.5196 GBPAUD 1.9245- 1.9569

FX News

AUD/USD Transfer

Australian Job’s data jumped by a surprise 64,000 vs 25,000 expected with the participation rate rising from 66% to 67% reflecting a healthy jobs market. This took price in the pair from the weekly low of 0.6380 to 0.6460 post the result. The unemployment rate stayed steady at 3.7%. US CPI y/y accelerated yesterday printing at 3.7% vs 3.6% mainly due to a jump in energy prices. This perhaps proves that getting inflation lower needs a sharper slowdown in the economy. CPI rose 0.6% from July, the fastest pace in more than a year. Adding to the Fed’s problems, Retail Sales also rose in August 0.6% based on 0.1% forecasts. Next week we aren’t expecting the Fed to hike past 5.5% but the chances of a rise in the fourth quarter has risen to 50/50. Buying USD above 0.6400 looks the ticket right now.

The current interbank midrate is: AUDUSD 0.6433

The interbank range this week has been: AUDUSD 0.6359- 0.6459

FX News

NZD/GBP Transfer

We called it. A break above 0.4750 (2.1050) cemented further support for the New Zealand Dollar (NZD) to push higher with price reaching the 5-week high overnight at 0.4775 (2.0950). Softer UK data this week has rate hike expectations declining. The UK jobs report was rather dovish with no real growth over the past few months along with industrial production disappointing. We still however expect the Bank of England (BoE) to hike at next week’s policy meeting from 5.25% to 5.5%- this will be their 15th consecutive hike. We may see GBP strength develop towards the BoE Thursday.

The current interbank midrate is: NZDGBP 0.4761 GBPNZD 2.0951- 2.1003

The interbank range this week has been: NZDGBP 0.4714- 0.4773 GBPNZD 2.0951- 2.1213