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AUD gives up gains on RBA comments

Friday 22nd of September

Australian Dollar:

It’s been a wild ride for the AUD over the past 24 hours gyrating between a low of 0.7916 and a high of 0.8036 when valued against its US Counterpart. Amid highly liquid trading conditions the Australian dollar managed to give up all of its gains from overnight on Wednesday in the aftermath of comments made by RBA Governor Philip Lowe. Triggering the sell-off Phillip Lowe stated that markets couldn’t rely on accommodative monetary policy forever and that the environment of record low interest rates was nearing an end. Opening a staggering 1.2% lower the Australian dollar currently swaps hands a rate of 0.7932 when valued against its US Counterpart. 

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Today's expected range

AUD / USD
0.7870 - 0.8050
NZD / USD
0.7220 – 0.7440
GBP / AUD
1.6980 – 1.7250

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Last Week Market Recap

Monday 18th September 2017

AUD/USD lost ground last week as both countries reported mixed economic numbers. The week began with the pair making its weekly high of 0.8057 on Monday in the absence of any significant numbers from either country. The rate declined another fraction on Tuesday after Australian NAB Business Confidence printed at 5 compared to a previous reading of 12. NAB chief economist Alan Oster said after the release that, “For those indicating deterioration in confidence, the biggest concerns appear to be customer demand, government policy, as well as cost pressures - both energy and wages.” The pair continued its slide on Wednesday despite lower than expected U.S. PPI data. On Thursday, the rate gained ground after making its weekly low of 0.7954 as Australian Employment Change showed +54.2K new jobs compared to an expectation of +17.5K, while the Australian Unemployment Rate held steady at 5.6%. The pair then consolidated at a slightly lower level on Friday despite lower than expected U.S. Retail Sales data. AUD/USD went on to close at 0.7998, with a loss of -0.7% for the week. 

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