interbank midrate

FX News

AUD/GBP Transfer

For 6 straight weeks the Australian Dollar (AUD) has outperformed the British Pound (GBP), the cross reaching 0.5300 (1.8860) late Friday a late June high. Risk action Monday saw the AUD give back gains to 0.5265 (1.9000) as markets await this week’s key RBA rate announcement data. Odds for the RBA to hike from 4.1% later today is slim given recent inflation data and Retail Sales prints. We see resistance at 0.5250 (1.9040), the 50-day MA, price could resume its trajectory towards 0.5320 (1.8800) over the week.

Current Level: 0.5264
Support: 0.5025
Resistance: 0.5375
Last week’s range: 0.5227 – 0.5303

FX News

AUD/USD Transfer

Aussie Labour Day Monday saw thin volatile market action in the Australian Dollar (AUD), US Dollar (USD) cross with the pair falling from 0.6430 area to 0.6360 into Tuesday. Last week’s drop to 0.6330 was the lowest traded price since October 2022, currently the Aussie will be doing well to avoid falling through the floor this week. The RBA later today will set the tone for upcoming policy meetings and rate settings, the Central Bank not expected to hike today from 4.10%. It’s the first policy meeting under the new governor Michele Bullock, how will she go? Certainly, with rising oil prices, rising inflation and a struggling Chinese economy she has her work cut out.

Current Level: 0.6366
Support: 0.6300
Resistance: 0.6500
Last week’s range: 0.6330 – 0.6500

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) made small gains over the week to reach 0.5230 (1.9130) against the British Pound (GBP) before falling away to around the weekly open at 0.5270 (1.8980) Friday. The AUD still looks heavy after 6 weeks of declines, it’s hard to see any shift back towards 0.5155 (1.9400) support in the near term. Next week’s RBA cash rate release is not expected to reflect a shift from the current 4.10%

The current interbank midrate is: AUDGBP 0.5266 GBPAUD 1.8989

The interbank range this week has been: AUDGBP 0.5227- 0.5275 GBPAUD 1.8957- 1.9128

 

 

FX News

AUD/USD Transfer

It’s been a game of two halves this week with the Australian Dollar (AUD) falling to fresh lows around 0.6330 then reversing midweek all the way back to 0.6423 as we head into Friday. August monthly CPI in Australia rose 5.2% compared to the 4.9% seen in July inline with rough expectations. The jump was mostly attributed to rising fuel prices and housing costs. The RBA will continue to ponder if they need to raise rates from 4.10% before the end of the year. However next week’s RBA cash rate release is not expected to deliver any surprises.

The current interbank midrate is: AUDUSD 0.6429

The interbank range this week has been: AUDUSD 0.6330- 0.6443

FX News

NZD/GBP Transfer

The New Zealand Dollar (NZD) British Pound (GBP) rambled around 0.4890 (2.0450) throughout the week, with no data publishing not really going anywhere. Recent momentum from the reversal at 0.4640 (2.1550) on hold while the cross contemplates its next direction. Resistance awaits around the 0.4910 (2.0380) mark, we don’t expect the pair to retest this area. On the docket next week is the NZ Cash rate and policy statement with no shift from 5.50% expected.

The current interbank midrate is: NZDGBP 0.4884 GBPNZD 2.0475

The interbank range this week has been: NZDGBP 0.4871- 0.4903 GBPNZD 2.0395- 2.0526

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