Currency chart
AUD/USD currency chart: 1.00 AUD = 0.6528 USD
AUD buoyed after RBA’s surprise decision to leave rates unchanged
Daily Currency Update
The Australian dollar advanced through Tuesday after the RBA surprised markets, refusing to lower the underlying cash rate. Coming into Tuesday’s session, the AUD tested a break below US$0.6490 amid growing tariff uncertainty, tracking a narrow range through the first half of the domestic session. Markets had fully priced a 25-point rate adjustment and were left scrambling when the board elected to leave rates at 3.85%. The AUD lurched upward in the moments following the decision, climbing back toward US$0.6550. Attentions then turned to RBA Governor Bullock and the accompanying press conference as analysts looked for guidance on future policy moves and potential domestic bond performance. Governor Bullock highlighted that the decision to hold was not made as part of an underlying fundamental shift back toward a neutral policy setting, rather it was an issue of timing. The Board maintains an easing bias, but with broader economic conditions little changed since the last meeting in May, members felt it prudent to wait for more information. The objective being to ensure inflation is on track to sustainably hold below 3%, nearer the Bank’s 2.5% target. Having touched intraday highs at US$0.6547, the AUD edged lower overnight as markets reacted to more tariff uncertainty. President Trump announced plans to issue a 50% tariff on copper exports to the US, while indicating a “very, very high tariff, like 200%” will be issued on pharmaceuticals. These sectorial tariffs are separate to the “Liberation Day” country level tariffs and could create even more uncertainty among investors trying to judge the impact of Trump’s protectionist policies. The AUD opens this morning buying US$0.6520.Our attention today turns to the RBNZ policy meeting and FOMC June meeting minutes, while tariff headlines drive underlying sentiment.
Key Movers
Against a backdrop of broader US dollar support, the Japanese yen was the weakest of the majors during Tuesday’s session, as markets continue to absorb the impacts of the higher tariff rate, announced by President Trump on Monday. While the deadline for their implementations has been extended from today (July 9) to August 1, President Trump made it clear that no further extension will be afforded. He did concede the 25% tax on exports to the US was not 100% firm and there was room for negotiation. With Japan just weeks away from a federal election, there is growing concern a revised trade agreement will not be reached. The USD is up three tenths of a percent against the yen.In other news, the euro edged marginally higher, up 0.1% and back above 1.1720 while sterling edged lower.
Our attention today turns to the FOMC meeting minutes for June and ongoing trade/tariff headlines.
Expected Ranges
- AUD/USD: 0.6480 – 0.6550 ▲
- AUD/EUR: 0.5500 – 0.5600 ▲
- GBP/AUD: 2.0700 – 2.1000 ▼
- AUD/NZD: 1.0820 – 1.0920 ▲
- AUD/CAD: 0.8880 – 0.8950 ▲
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AUD Snapshot
- Currency name: Australian dollar
- Currency code: AUD
- Currency symbol: $, A$
- Central bank: Reserve Bank of Australia
- Reserve currency: The Australian dollar is considered a reserve currency.
- Safe haven: The Australian dollar is not considered a safe haven currency.
- Countries used in: Australia
- Major unit: One Australian dollar
- Minor unit: One cent
- Minor units (cents) per Australian dollar: 100
- Note denominations: $5, $10, $20, $50
- Coin denominations: 5¢, 10¢, 20¢, 50¢, $1, $2
The Australian dollar is the official currency of Australia, including its external territories: Christmas Island, Cocos Islands, and Norfolk Island. It is officially used as currency by three independent Pacific Island states: Kiribati, Nauru, and Tuvalu. It is legal tender in Australia.
USD Snapshot
- Currency Name: United States dollar
- Currency Code: USD
- Currency Symbol: $, US$
- Central Bank: Federal Reserve
- Reserve Currency: The United States dollar is considered a reserve currency.
- Safe Haven: The United States dollar is considered a safe haven currency.
- Countries Used In: United States
- Major Unit: One United States dollar
- Minor Unit: One cent
- Minor units (cents) per United States dollar: 100
- Note Denominations: $1, $5, $10, $20, $50, $100
- Coin Denominations: 1¢, 5¢, 10¢, 25¢, 50¢, $1
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, also referred to as American dollar, or informally known as the 'buck') is the official currency for the USA, Ecuador, El Salvador, British Virgin Islands, Turks and Caicos Islands, Caribbean Netherlands, Palau, Federated States of Micronesia, Marshall Islands, and East Timor.