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USD suffers largest daily sell off in 7 years

Friday 5th February 2016
The Australian dollar pushed through 0.72 for the first time in a month last night hitting highs of 0.7242 off the back of USD weakness. For the second day in a row the US has failed to find support after expectations of the US Federal Reserve next interest rate rise have been pushed to later in the year. Oil prices while down today has not surrendered the gains from Thursday and currently sits at $34.34 which has also helped in the recovery. The AUD has pulled back from the overnight highs to currently but 0.7201 USD. Coming up today the RBA Monetary Policy Statement and Retail Sales data which is out at 11:30am local time.

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Today's expected range

AUD / USD
0.7080 - 0.7280
NZD / USD
0.6650 - 0.6800
GBP / AUD
2.0100 - 2.0410

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Last Week Market Recap

Monday 1st February 2015

Extended its previous week’s gains last week as Australia reported better than expected economic numbers while the FOMC released a somewhat dovish statement. The week began with the pair declining on Monday after Australian NAB Business Confidence printed at 3 compared to a previous reading of 5. The rate then gained ground on Tuesday after making its weekly low of 0.6917 despite a better than expected U.S. consumer confidence number. The pair continued higher on Wednesday as the FOMC left rates unchanged and after Australian Trimmed Mean CPI increased +0.6% q/q versus +0.5% expected, while CPI increased +0.4%, in line with expectations. Thursday saw the rate extend its rally after Australian Import Prices declined -0.3% q/q compared to an expected decline of -0.8%, while the United States reported lower than expected U.S. Durable Goods Orders data. The pair then made its weekly high of 0.7140 on Friday before consolidating after Australian PPI increased +0.3% q/q versus +0.6% expected. AUD/USD closed at 0.7082, with an overall gain of +1.1% from its previous weekly close.

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