interbank midrate

FX News

AUD/GBP Transfer

The Australian Dollar (AUD) has had a bumper week against the English Pound (GBP) extending moves higher midweek to reach a fresh 4 week high of (0.5265) 1.8990 into Friday. The Bank of England interest rate remained unchanged at 5.25% overnight in a 7-2-member vote devaluing the GBP as investors suggest the central bank could start cutting rates from August. Certainly, early week CPI data confirms this with the UK inflation rate falling into the BoE target zone at 2.0% y/y from 2.3% in April. Meanwhile the RBA also released their cash rate which remains steady at 4.35% with the central bank leaving the door open for potential to hike rates further if price pressures remain high. The upside trend in the AUD should get stiff resistance towards 0.5290 (1.8900)- prices have not been this high since late January.

The current interbank midrate is: AUDGBP 0.5256 GBPAUD 1.9025

The interbank range this week has been: AUDGBP 0.5198- 0.5265 GBPAUD 1.8993- 1.9236

 

FX News

AUD/USD Transfer

The Australian Dollar (AUD) has easily been the strongest performing currency on the main board this week rising to 0.6670 against the US Dollar (USD) cancelling most of last week’s losses. However, we still need a break above 0.6700 or a move below 0.6570 to really highlight a trend change either way from predominantly sideways moves over the past 5 weeks or so. The RBA cash rate remains unchanged at 4.35% as widely predicted, but the Reserve Bank warned of the potential for upticks to inflation and price pressures suggesting there was still a small chance of a hike. The RBA saying it will be some time yet before inflation is safely within their target band of between 2-3% – currently 3.6%. We expect the AUD/USD to retest 0.6700 over the coming days.

The current interbank midrate is: AUDUSD 0.6656

The interbank range this week has been: AUDUSD 0.6584- 0.6678

 

 

 

FX News

AUD/GBP Transfer

Range trading in the British Pound (GBP), Australian Dollar pair continue with prices around 0.5210 (1.9200) into Tuesday. We expect a little more volatility over the week with both the Bank of England (BoE) and the Reserve Bank of Australia (RBA) announcing rate statements. Both are expected to keep rates unchanged, but the RBA could be hawkish. This would be good for the AUD if rate policy rhetoric remains “higher for longer”. As for the BoE – members are expected to vote 7-2 in favour of a “hold”. UK inflation prints tomorrow and is predicted to dip from 2.3% y/y to 2.0% supporting cuts to come. We expect price to retrace to retest 0.5240 (1.9090) over the week.

Current Level: 0.5206
Support: 0.5155
Resistance: 0.5240
Last week’s range: 0.5170- 0.5223

FX News

AUD/USD Transfer

The Australian Dollar (AUD) opened the week in similar zones around 0.6600 against the US Dollar (USD) as markets await today’s RBA rate decision. If anything, The Aussie has pushed up a little in early morning trading from 0.6580 on positive Chinese Retail Sales data printing at 3.7% y/y vs 3.0% expected- 2.3% prior. Today’s RBA rate announcement will remain unchanged at 4.35%. Bullocks statement should highlight if its time yet to change policy after suggestions over the past few weeks proposed the door was still open for further hikes. For now, setbacks are well supported in the Aussie following the run up from 0.6360.

Current Level: 0.667
Support: 0.6570
Resistance: 0.6715
Last week’s range: 0.6573- 0.6703

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