Daily Currency Update
Get access to our expert daily market analyses and discover how your currency has been tracking with our exchange rate tools
Get access to our expert daily market analyses and discover how your currency has been tracking with our exchange rate tools
IMPORTANT: This information has been prepared for distribution over the internet and without taking into account the investment objectives, financial situation and particular needs of any particular person. OzForex Limited ABN 65 092 375 703 (trading as “OFX”) and its subsidiaries make no recommendations as to the merits of any financial product referred to in the website, email or its related websites. Please read our Product Disclosure Statement and our Financial Services Guide.
DISCLAIMER: OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this website. Read full disclaimer. OFX provides international money transfer services to private clients and business customers. Use our free currency converter, exchange rate charts, economic calendar, in-depth currency news and updates and benefit from competitive exchange rates and outstanding customer service.
OFX is regulated in Australia by ASIC (AFS Licence number 226 484). Read our Money Laundering Statement and Privacy Policy.
Markets quiet – Australian Dollar Tests 79 U.S. Cents
BY JOEL HOLMES
Australian Dollar
AUD / USD
0.7850 – 0.7970
Having digested a flood of economic data from both domestic and foreign sources, the Australian dollar has started the new week in a seemingly steadier position when valued against its US Counterpart. Despite what has at times been at a frantic window for the AUD, investors welcomed a tighter than usual trading band yesterday with Australian dollar drifting between a low of 0.7899 and high of 0.7948 versus the Greenback . With the 80 US cents mark still the near-term topside target, questions remain whether new support can be found at existing resistance. With Trade Balance figures from China taking centre stage today the AUD currently buys 79.10 US Cents.
New Zealand Dollar
NZD / USD
0.7300 – 0.7400
The New Zealand dollar is slightly weaker against the Greenback this morning. Overnight saw the Kiwi reach a high of 0.7416 before settling down around 0.7350. Yesterday on the data front the RBNZ survey of inflation expectations showed a modest dip of 2.1%, down from the previous month 2.2%, a fall in actual inflation. There are no data releases scheduled for today. The NZD/USD pair is currently trading at 0.7355. We now expect support to hold on moves approaching 0.7276 while any upward push will likely meet resistance around 0.7459.
Great British Pound
GBP / AUD
1.6300 – 1.6600
Majors
USD, EUR, JPY
N/A
Markets were quiet overnight as we saw little movements on the foreign currency front. The U.S Dollar index (DXY) which measures the greenback against six major currencies saw little change, closing up 0.04% at 93.43. USD/JPY continued its upside momentum after the strong employment result last week to hit intraday highs of 1.1090 before pulling back on dovish remarks from FOMC member Kashkari and President James Bullard, the latter stating he doesn’t expect inflation to rise anytime soon. Despite German industrial productions slipping for the month of June, EUR/USD flat lined for the majority of the day and opens this morning at 1.1795.