Foreign Exchange News

Your Currency

Exchange to

Amount

Compare to bank

By SHAMEEM MUSA

Aussie loses nearly 2.5% this week


Australian Dollar

AUD / USD

Expected Range

The Australian Dollar extended losses through trade on Thursday as downward momentum seems to be gathering pace. Having broken key supports at 0.7730 following Wednesday' soft inflation outlook the AUD tested new 3 month lows and touched 0.7656 and appears to be firmly entrenched within a bearish formation. As focus turns again to monetary policy divergence the Aussie' carry and yield advantage is diminishing and investors look to be correcting recent upside. Having broken a critical bullish and bearish tipping point the AUD is poised to suffer substantial losses should a consolidation of recent downside moves mean a dip below 0.7630. Attentions now turn to US GDP data and the race for Fed presidency as key markers for both US and AUD direction into the weekend.

Great British Pound

GBP / AUD

Expected Range

1.7100 – 1.7220

Majors

USD, EUR, JPY

Expected Range

N/A

New Zealand Dollar

NZD / USD

Expected Range

0.6800 – 0.6900

By SHAMEEM MUSA

Australian Dollar sold heavily on inflation data


Australian Dollar

AUD / USD

Expected Range

The Australian dollar collapsed through trade on Wednesday plunging below key technical supports on the back of a softer than anticipated quarterly CPI print. Inflation wrote in below market expectations and all but closed the door on the RBA bringing forward changes to monetary policy as wage growth, consumer spending and price pressures remain stubbornly flat. Diving through key supports at 0.7730 the AUD consolidated the downward move touching intraday and three month lows at 0.7691 and appears vulnerable to further loses with the next support point at 0.7665 and 0.7630. A break below such levels would affirm a deeper bearish channel and open the door for moves back toward 0.75. Attentions now turn to key U.S GDP data Friday and the highly anticipated appointment of a new Fed president as markers that could force the AUD lower still.

Great British Pound

GBP / AUD

Expected Range

1.7120 – 1.7250

Majors

USD, EUR, JPY

Expected Range

N/A

New Zealand Dollar

NZD / USD

Expected Range

0.6825 – 0.6930

By SHAMEEM MUSA

Australian Dollar drifts lower to a two-week low under 78c


Australian Dollar

AUD / USD

Expected Range

The Australian dollars daily depreciation continued through trade on Tuesday falling back below 0.78 U.S cents. The AUD met ongoing selling pressure as demand for the US dollar increased on the back of reports John Taylor is firming as favourite to take over the Fed Presidency. A known hawk markets expect Taylor could set the Fed upon a faster pace of monetary policy tightening and bolster yield returns on USD. Touching intraday lows at 0.7771 the Aussie found support amid concerns Trump' tax reform bill may still meet headwinds through the senate as key republicans appear unlikely to seek re-election in the midterm primaries. With support still intact at 0.7730 attentions now turn to quarterly inflation prints today as a key marker for short to medium term direction. A soft read would only support the RBA' neutral policy stance and likely compound recent losses while an upbeat print could embolden bulls to push the Aussie back through 0.78 and 0.7850.

Great British Pound

GBP / AUD

Expected Range

1.6800 – 1.6970

Majors

USD, EUR, JPY

Expected Range

N/A

New Zealand Dollar

NZD / USD

Expected Range

0.6840 – 0.6960

By SHAMEEM MUSA

Australian Dollar hanging on to 78c


Australian Dollar

AUD / USD

Expected Range

The Australian dollar edged marginally lower through trade on Monday forced downward by an increasing appetite for the worlds base currency. Having found support last week, the AUD tested 0.79 however a series of lower lows and lower highs since suggests another foray below 0.78 U.S. cents is on the table. Interest rate expectations are driving direction and with the Australian dollars yield advantage expected to disappear before the year is out we could see the currency succumb to further USD strength. With firm support at 0.7730 still in play a soft CPI print Wednesday and an upbeat US GDP read will only highlight the diverging monetary policy expectations and potentially see the Aussie test new lows. Attentions now turn to the race for the Federal Reserve Presidency. Should John Taylor win the appointment later this week the known hawk will likely engender further USD support and heap more bearish pressure on the AUD.

Great British Pound

GBP / AUD

Expected Range

1.6830 – 1.6950

Majors

USD, EUR, JPY

Expected Range

N/A

New Zealand Dollar

NZD / USD

Expected Range

0.6900 – 0.7010

By SHAMEEM MUSA

Aussie Dollar slips against the Greenback heading towards 78c


Australian Dollar

AUD / USD

Expected Range

The Australian dollar edged lower into the close on Friday slipping below 0.7850 as the U.S dollar gained new momentum on the promise of Republican tax reform. Touching intraday lows at 0.7806 the AUD was driven lower by increased expectations the U.S tax reform will pass through both the House and Senate despite widespread condemnation from Democrats. Buoyed, the U.S dollar made its largest daily advance in more than a month and forced the Aussie lower as domestic drivers remained thin. The Australian dollar remains at the mercy of monetary policy expectations and with the RBA vehemently sticking to a neutral policy standing the short-medium term outlook remains bearish. Attentions now turn to Wednesday' CPI print as the weeks big ticket macroeconomic item and while a strong read may put pressure on the RBA it is unlikely to drastically amend the timeline for a rate hike locally and we expect the AUD to meet resistance on moves approaching 0.79/0.7910.

Great British Pound

GBP / AUD

Expected Range

1.6750 – 1.6900

Majors

USD, EUR, JPY

Expected Range

N/A

New Zealand Dollar

NZD / USD

Expected Range

0.6880 – 0.7000

What are you waiting for?

If you need to make an internation payment, look no further. Join the 111,000+ clients around the world who are benefitting from our services.