interbank midrate

FX News

AUD/USD Transfer

The Australian Dollar (AUD) reached a fresh new high overnight against the US Dollar (USD) of 0.6795 as risk sentiment improved Thursday. Fed officials continue to push back on earlier aggressive forecasting of rate cuts while US data came in positive. Apart from a blip in equity markets midweek when we saw the cross-dip half a cent to 0.6720 the Aussie remained in charge as commodity prices recovered. As we head into 2024 markets will be thin, as usual at this time of year we can expect swings. Good time to put in orders.

The current interbank midrate is: AUDUSD 0.6799

The interbank range this week has been: AUDUSD 0.6689- 0.6799

FX News

AUD/GBP Transfer

The Australian Dollar extended moved past key 0.5300 (1.8870) levels Monday against the British Pound going on to reach 0.5370 (1.8630) in early Friday trading. The RBA minutes confirming the central bank had considered another hike but chose to halt hikes for longer periods. The Bank of England will be happy as Larry after CPI released earlier in the week way down on expectations of 4.3% coming in at 3.9%. Talk of cuts has now come back on the table with the forecasts suggesting the BoE will start to cut earlier than later possibly in the first quarter 2024 as analysts consider inflation falling further in the coming months. 0.5400 (1.8500) is seen as big resistance on the chart, a breakthrough here and we could see more upside in the cross.

The current interbank midrate is: AUDGBP 0.5359 GBPAUD 1.8660

The interbank range this week has been: AUDGBP 0.5281- 0.5369 GBPAUD 1.8624- 1.8934

FX News

NZD/GBP Transfer

The New Zealand Dollar (NZD) extended gains on the British Pound (GBP) over the week clocking 0.4975 (2.0110) a level not seen since May earlier in the year. UK inflation slowed more than expected in November to the lowest level in two years. Coming off 4.6% in October to 3.9% the Bank of England (BoE) are most likely to consider cutting rates earlier than expected. The biggest mover on the CPI table was the fall in the cost of fuel prices with gas and fuel prices down 22% year on year to November. UK Retail Sales prints tonight for November sales and is expected to go negative. All momentum is with the kiwi leading into year-end although 0.5000 will be tough to break.

The current interbank midrate is: NZDGBP 0.4956 GBPNZD 2.0177

The interbank range this week has been: NZDGBP 0.4891- 0.4974 GBPNZD 2.0101- 2.0444

FX News

AUD/USD Transfer

The Federal Reserve kept rates unchanged late last week at 5.50% but pivoted on policy reflecting a dovish stance. The Fed’s ability to guide the economy to a soft landing is being commended with the timing of rate cuts suggested for 2024 along with key risk management. The chance of further rate hikes are now slim with several rate cuts being priced in from mid-2024. The AUD/USD bounced from 0.6600 levels to 0.6670 around the release. Unemployment rose in November to 3.9% the highest level since May 2022 vs forecast of 3.8%. This sent the Aussie higher again underpinning the recent RBA’s concern of persistent domestic demand. The economy added 61,500 jobs – more than the 11,500 expected. The Aussie has held up well since as equities posted gains, into morning trade around the 0.6700 level just off a 20-week high.

The current interbank midrate is: AUDUSD 0.6702

The interbank range this week has been: AUDUSD 0.6689- 0.6734

FX News

AUD/USD Transfer

A solid US jobs report Friday moved the Australian Dollar (AUD) lower against the US Dollar (USD) closing the week around the 0.6570 zone. Non-Farm Payroll showed further jobs were added to the economy in November beating expectations of 184k to 199k, some suggesting the US economy could be setting up for a soft economic landing. Unemployment also came in better than expected at 3.7% after 3.9% was expected pushing investors to buy the greenback. The Fed cash rate will publish Wednesday and should remain at 5.5% but not before key US CPI y/y. Whatever happens will set the tone for the following couple of months for AUD/USD direction.

The current interbank midrate is: AUDUSD 0.6566

The interbank range this week has been: AUDUSD 0.6549- 0.6582

FX News

AUD/GBP Transfer

The Australian Dollar (AUD), British Pound (GBP) cross is still firmly bouncing around within recent ranges and has done so since late September. Into Tuesday the Aussie has improved, trading around the 0.5230 (1.9120) area off 0.5210 (1.9190). On the calendar this week we have Australian employment data and later the Bank of England official cash rate- expected to remain unchanged at 5.25%.

The current interbank midrate is: AUDGBP 0.5226 GBPAUD 1.9135

The interbank range this week has been: AUDGBP 0.5211- 0.5245 GBPAUD 1.9064- 1.9187

FX News

NZD/GBP Transfer

The New Zealand Dollar (NZD) extended its decline from 0.4925 (2.0300) Friday against the British Pound (GBP) reaching 0.4860 (2.0570) in late Monday trading. A pullback in risk sentiment was the main reason amid weaker than expected NZ September Manufacturing data. Despite UK inflation outlook being downgraded the GBP still managed to make gains on the kiwi. Into Tuesday we have seen the NZD bounce back post buoyant overnight equities. This week’s docket has NZ GDP and the Bank of England cash rate expected to remain at 5.25%

The current interbank midrate is: NZDGBP 0.4874 GBPNZD 2.0517

The interbank range this week has been: NZDGBP 0.4860- 0.4887 GBPNZD 2.0461- 2.0576

 

FX News

AUD/GBP Transfer

The Australian Cash Rate remained unchanged at 4.35% Tuesday rallying the British Pound (GBP) to 0.5190 (1.9270) post the release, the RBA saying they still see room to hike at a later date if inflation and jobs data print particularly poor. The board saying bringing back inflation to the target range of 2-3% was looking like taking longer than anticipated. Aussie GDP q/q printed at 0.2% vs 0.5% forecast Wednesday sending the Aussie lower to 0.5200 (1.9220) briefly before reversing again to clock 0.5250 (1.9050) early this morning. Next week’s Bank of England cash rate release is insight with predictions the central bank will retain their stance at 5.25% and unwind some of the recent rhetoric around “higher for longer”.

The current interbank midrate is: AUDGBP 0.5238 GBPAUD 1.9091

The interbank range this week has been: AUDGBP 0.5190- 0.5271 GBPAUD 1.8970- 1.9266

FX News

AUD/USD Transfer

The Australian Dollar (AUD) took on water for most of the week against the US Dollar (USD) dropping from 0.6680 levels to 0.6525 yesterday. Most of the downside was off the back of poor Aussie GDP, figures showing only a 0.2% rise in the third quarter after 0.5% was predicted. Household consumption has slowed over recent quarters and shows the fallout of higher interest rates on spending. Overnight equity markets have improved, the Nasdaq is up over 1.2% which has helped the AUD back over 0.6600. Non-Farm Payrolls print tomorrow, pushing through 0.6680 will be tough.

The current interbank midrate is: AUDUSD 0.6595

The interbank range this week has been: AUDUSD 0.6525- 0.6690

FX News

NZD/GBP Transfer

The New Zealand Dollar (NZD) has bounced back from 0.4855 (2.0590) early in the week against the British Pound (GBP) to reach 0.4910 (2.0360) this morning in light trade. UK PMI data saw a downtick of output for the third consecutive quarter in November led by a fall in residential buildings putting pressure on the GBP post release. Markets are starting to price in rate cuts – 3 by the end of 2024 depending on how inflation performs. Next week we have NZ 3rd quarter GDP before the Bank of England’s cash rate announcement.

The current interbank midrate is: NZDGBP 0.4896 GBPNZD 2.0424

The interbank range this week has been: NZDGBP 0.4856- 0.4911 GBPNZD 2.0361- 2.0592