Euro rallies as expectations for tapering in QE program escalate
Australian Dollar
AUD / USD
The Australian Dollar inched higher intraday on Tuesday against the Greenback following a strong report on the monthly NAB Business Confidence survey. The report indicated that Australian business conditions have climbed above its long-term average in September and reversed last months losses. The AUD/USD before the release was buying 0.7746 and jumped up 40 pips to 0.7786. Overnight the pair touched what is seen as resistance of 0.7797 but has since settled back down. Today sees the release of Westpac Consumer Sentiment for October but is unlikely to have an impact on the Aussie
Great British Pound
GBP / AUD
Majors
USD, EUR, JPY
New Zealand Dollar
NZD / USD
AUD losses extended as key technical supports loom closer
Australian Dollar
AUD / USD
The Australian Dollar is weaker today when valued against its US counterpart falling overnight to 0.7747. The Aussie remains near the 2-month low it reached last Friday at 0.7731. A quiet session yesterday with a limited trading range between 0.7745 and 0.7765. The macroeconomic calendar has little to offer today with the only release of the NAB Business Confidence at 11.30am AEDT. The AUD/USD pair is currently trading at 0.7753. We now expect support to hold on moves approaching 0.7730 while any upward push will likely meet resistance around 0.7790.
Great British Pound
GBP / AUD
Majors
USD, EUR, JPY
New Zealand Dollar
NZD / USD
North Korean Tensions weigh on otherwise buoyant Greenback
Australian Dollar
AUD / USD
The Australian Dollar opens this morning at 0.7776, unable to keep up the pace with a stronger Greenback. The local unit felt the pressure for most of last week as weakness in local Australian data dragged the pair lower. Building approvals slowed as well as the AIG manufacturing and services sectors. Retail Sales also reported a fall and with the RBA concerned over the outlook for household spending the future on a near interest rate rise has lowered. When valued against the worlds reserve currency the Aussie touched a three-month low of 0.7733 and a high of 0.7798. Aiding Greenback strength was Friday' U.S jobs report for the month of September, the unemployment rate fell and the average hourly earnings rate rose driving the expectations of a Fed rate hike. The AUD/USD is now facing resistance-turned-support at around 0.7700. A break through this trend line could bring the price to the next support level at 0.7535. Resistance is sitting at 0.7800.
Great British Pound
GBP / AUD
Majors
USD, EUR, JPY
New Zealand Dollar
NZD / USD
Australian Dollar breaches 78 U.S. cents
Australian Dollar
AUD / USD
The Australian dollar moved lower through trade on Thursday, forced below 0.78 U.S cents following softer than anticipated retail sales growth. Consumers tightened their purse strings through August marking a second consecutive monthly depreciation in consumer led spending. The soft read dampens hawkish investors calls for the RBA to increase interest rates and supports the Central Bank' decision Tuesday to maintain a neutral policy stance throughout the remainder of 2017. Having touched intraday highs at 0.7866 the AUD fell sharply as markets looked to compare the paths of monetary policy. With the U.S Federal Reserve expected to raise rates in December the USD has begun to claw back some of July' losses, limiting AUD upside in the short term and opening the door for further downside with support forming at 0.7730. Attentions now turn to key wage growth and non-farm payroll prints this evening as the primary drivers into the weekly close.
Great British Pound
GBP / AUD
Majors
USD, EUR, JPY
New Zealand Dollar
NZD / USD
Inflation concerns sprinkled amidst FOMC minutes dampen USD upside
Australian Dollar
AUD / USD
Expected Range
0.7730 – 0.7830
Despite a positive reading from Westpac' Consumer Sentiment index, the Australian Dollar met resistance against the US Dollar once again around the 78c level yesterday. The pair touched a high of 0.7809 following the release however these gains were short lived and saw the pair pullback under. The survey rose by 3.6% in October which was positive but also comes on the back of an already solid improvement the month before. According to Westpac, the improvement was largely driven by optimism towards the economy in the year ahead and consistent coverage of the continuing improvement in the global economy, in particular the US. Another key point to note is job confidence at a household level has improved to its best level since 2011. Locally, today sees the release of second tier data with housing finances and inflation expectations. The AUD/USD is currently changing hands at 0.7785.
Great British Pound
GBP / AUD
Expected Range
1.6820 – 1.7080
Majors
USD, EUR, JPY
Expected Range
N/A
New Zealand Dollar
NZD / USD
Expected Range
0.6970 – 0.7130