interbank midrate

FX News

AUD/USD Transfer

A range bound Australian Dollar (AUD) continues to bounce around levels at 0.6650, a game of two halves this week, improving to 0.6700 but unable to hold dropping back to 0.6630 Friday. Positive risk flow followed by a less than impressive US CPI read sent the Aussie higher as the fed tapered back cuts from 6 this year to 1 indicating the central bank was in no hurry to lower rates. The bank retaining its cash rate at 5.50% widely expected. Stiff support sits at 0.6600 on the chart with bullish continuation expected to continue from the low around 0.6400 mid-April.

The current interbank midrate is: AUDUSD 0.6622

The interbank range this week has been: AUDUSD 0.6573- 0.6703

 

FX News

AUD/GBP Transfer

Early weeks pull back by the Australian Dollar (AUD) from 0.5170 (1.9340) to 0.5220 (1.9150) against the British Pound (GBP) continued into Thursday with improved risk trading and soft UK manufacturing data. The Pound has since recovered Friday to 0.5200 (1.9220) after the Federal Reserve leaned a little more hawkish. Aussie jobs data came in hot with nearly 40,000 people entering the workforce in May. Unemployment dipped to 4.0% as markets were expecting with any hope of the RBA cutting rates this year gone on these solid numbers. Next week’s docket sees RBA and BoE rate announcements.

The current interbank midrate is: AUDGBP 0.5193 GBPAUD 1.9256

The interbank range this week has been: AUDGBP 0.5170- 0.5223 GBPAUD 1.9146- 1.9342

 

 

 

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) got hammered Friday dropping to 0.5170 (1.9340) at the weekly close against the British Pound (GBP) off the back of Fed job’s numbers and ‘big” dollar remand. The bear run remains our focus technically from the mid-May high at 0.5285 (1.8920), we see the GBP well supported on dips and should remain in control for a while. On the docket this week is Aussie employment data with numbers expected to come in light.

Current Level: 0.5182
Support: 0.5155
Resistance: 0.5230
Last week’s range: 0.5173- 0.5238

FX News

AUD/USD Transfer

Fridays stronger than forecast US jobs data has put pressure on the Australian Dollar (AUD) falling from 0.6670 levels back to 0.6580 to close the week. Non-Farm Payroll (NFP) numbers came in way above the 182,000 predicted at 272,000 causing markets to buy the US Dollar (USD) as expectations of reductions to interest rate cuts were extended out. We may only see 1 cut in November compared to earlier forecasts of 6 in 2024, we will get a better look at this Thursday when the Fed Meet. Also, on the calendar this week is Australian Unemployment data with softer numbers expected. The AUD has kicked on to 0.6600 into Tuesday- not sure it has much more topside momentum.

Current Level: 0.6597
Support: 0.6530
Resistance: 0.6700
Last week’s range: 0.6577- 0.6698

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) recorded a fresh 5 week low of 0.5195 (1.9250) against the British Pound (GBP) before pulling back to 0.5215 (1.9170) numbers early Friday. UK Composite PMI’s rose to 54.7 from 52.5 the previous month, the fastest pace over the last 2 years however, with a contracting economy- GDP falling from 5.0% to 1.3% over a matter of months we expect worrying times ahead. Meanwhile Australian GDP came in at 0.1% for the first quarter, softer than the 0.2% markets were expecting. RBA governor Bullock saying if inflation remains sticky the central bank may need to raise rates again. We expect the cross to retest 0.5235 (1.9100) levels based on Fib analysis.

The current interbank midrate is: AUDGBP 0.5210 GBPAUD 1.9193

The interbank range this week has been: AUDGBP 0.5192- 0.5238 GBPAUD 1.9091- 1.9259

 

FX News

AUD/USD Transfer

Apart form the Australian Dollar (AUD) spiking to 0.6698 early in the week against the US Dollar (USD) the cross has been choppy ever since pivoting around 0.6650 areas. The Aussie did get a small boost from Australian Trade Balance which came in at a surplus of 6.55B. The Australian economy grew just 0.1% in the first 3 months of 2024, with growth particularly weak in March. Markets were looking for a 0.2% gain in the quarter but with slowing retail spending and soft household spending, household budgets remain under pressure. While relief is on the way in the form of tax cuts which kick in July, rate cuts are some way off. With central bank policy starting to diverge we could see further upside in the AUD. US Non-Farm Payroll prints tonight. We expect normal volatility.

The current interbank midrate is: AUDUSD 0.6664

The interbank range this week has been: AUDUSD 0.6625- 0.6698

 

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) improved over the week to 0.5225 (1.9140) against the British Pound (GBP) before falling back towards 0.5200 (1.9240). Australian Retail Sales published down on expectation at 0.1% vs 0.3%, sending the AUD higher on the news before CPI y/y came in at 3.6% a surprise higher than the 3.4% markets were expecting. The RBA wont hike again but their rate cut campaign has been extended, with rates not predicted to be cut until early to mid-2025. Bouncing off the 50-day moving average the cross should extend lower retesting 0.5200 (1.9230) into the close.

The current interbank midrate is: AUDGBP 0.5209 GBPAUD 1.9175

The interbank range this week has been: AUDGBP 0.5196- 0.5225 GBPAUD 1.9136- 1.9242

FX News

AUD/USD Transfer

Australian Inflation forecasting just got murkier with price pressures weighing heavy. Australian CPI published at 3.6% in the 12 months to April compared with 3.5% forecast. The Bank of Australia warning that they have not forgotten about a possible hike on the horizon after inflation published higher than expected for the second straight month. We expect the RBA to hold rates higher for longer at 4.35% with the first rate cut not until early-mid 2025 depending largely on wage pressures. The Australian Dollar (AUD), US Dollar (USD) cross traded below the bull trendline this week breaking past support at 0.6620 to 0.6590 in early Friday trading. Meanwhile US prelim GDP came in soft at 1.3% in the first quarter after 1.6% in the fourth quarter 2023 reflecting weaker consumer spending.

The current interbank midrate is: AUDUSD 0.6634

The interbank range this week has been: AUDUSD 0.6589- 0.6679

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) gave back 3 weeks of gains over the week reversing off 0.5280 (1.8940) to trade back at 0.5200 (1.9220) into Friday. The Aussie has been the worst performing currency on the main board this week. The RBA minutes confirmed the central bank considered raising rates at the May 7th meeting based on inflation staying above their target range for longer. UK CPI also pushed the cross lower with CPI coming in at 2.3% y/y higher than the 2.1% expected but dipping from March’s 3.2% the lowest level since July 2021. Downward pressure on energy prices the main cause along with food. The result will put pressure on the Bank of England (BoE) to cut interest rates at their June meeting.

The current interbank midrate is: AUDGBP 0.5195 GBPAUD 1.9249

The interbank range this week has been: AUDGBP 0.5197- 0.5281 GBPAUD 1.8935- 1.9240

 

FX News

AUD/USD Transfer

The Australian Dollar (AUD) has suffered its worst week against the US Dollar (USD) since mid-April falling back from 0.6700 levels to 0.6600 as we head into Friday. A more hawkish leaning Fed minutes and some soft Aussie data has left the AUD struggling this week. US medium home sales hit a record high of 387,000 in the 4 weeks to 19 May up 4% from a year ago, meanwhile new home sales slumped in April by 4.7% from March an extraordinary release, however house stock numbers have been very low and may have skewed the report. With the cross dropping through the bottom of the bull channel this week around 0.6620 we may see further downside action to come. Next week’s Australian CPI is on our radar with expectations of the key figure dropping to 3.2% from 3.6% y/y

The current interbank midrate is: AUDUSD 0.6595

The interbank range this week has been: AUDUSD 0.6593- 0.6708