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Aussie dollar continues to trade below 64 US cents  

Daily Currency Update

The Australian dollar is slightly weaker this morning when valued against the USD, currently trading at US$0.6359 at time of writing. The AUDUSD pair consolidated within a tight range of US$0.6349 to US$0.6436, reflecting a pause in directional conviction. This comes after a turbulent 24 hours for the USD. Yesterday on the data front, the S&P Global Flash Australia Manufacturing PMI fell slightly to 51.7 in April, the lowest in two months, compared to 52.1 in March. Manufacturing output continued to expand, and the pace of new orders rose only modestly. Growth in new business was driven largely by domestic demand, as new export orders contracted for a second straight month amid tariff-related uncertainties. The S&P Global Australia Composite PMI eased slightly to 51.4 in April 2025 from 51.6 in March, flash estimates showed. Australia’s private sector expanded for a seventh straight month, fuelled by strong gains in both manufacturing and services output, underpinned by the sharpest rise in new business in three years. There are no scheduled releases today.

Key Movers

The US Dollar Index (DXY) failed to hold onto its early strength during Wednesday’s session and now drifts near the 99.50 region, reflecting the continued uncertainty around US trade policy and softening of business momentum. US President Donald Trump says that if deals aren’t made, new tariffs could be set for China and other countries in a matter of weeks. US stocks ticked upward as global markets showed relief over signs that the Trump administration could ease up on tariffs. The positive signs also came after Trump backed away from the threat of firing Federal Reserve Chief, Jerome Powell. The S&P 500, Dow Jones and Nasdaq stock indexes all rose by more than 1% by close today. In economic data, the flash S&P Global Composite PMI for April fell to 51.2 from 53.5, suggesting slower overall business activity. While the Manufacturing PMI edged up to 50.7, the Services PMI slipped to 51.4 from 54.4 — highlighting waning demand in the services sector. S&P Global’s Chris Williamson noted that growth momentum is clearly weakening, while inflationary pressure remains, which could pose a challenge to the Federal Reserve’s (Fed) balancing act.

Expected Ranges

  • AUD/USD: 0.6250 – 0.6450 ▲
  • AUD/EUR: 0.5500 – 0.5700 ▲
  • GBP/AUD: 2.0700 – 2.0900 ▼
  • AUD/NZD: 1.0600 – 1.0800 ▼
  • AUD/CAD: 0.8700 – 0.8900 ▲

Written by

Brett Ottawa

OFXpert

Brett brings a wealth of experience, boasting more than 15 years in the foreign exchange market. He started his foreign exchange career with OFX more than a decade ago, as a private dealer catering to individual clients. He later transitioned to the corporate sector, assuming the position of Corporate Senior Relationship Manager. What truly excites Brett is the opportunity to engage with people, supporting their business growth and sharing in their successes.

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