AU
CA
EU
HK
NZ
SG
UK
US
Daily Currency Update
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.
Greenback showing signs of strength
By Shameem Musa
Australian Dollar
AUD / USD
Expected Range
0.7750 – 0.7950
With the worlds reserve currency continuing its move to higher ground the Australian dollar has come under renewed pressure over the past 24 hours. Slumping to a low of 0.7836 during Wednesday’s session, optimism that Trumps Tax Plan will support growth and drive greater investment has spurred interest in the Greenback which again opens in a broadly stronger position this morning. Having to digest another tranche of key macro releases from the United States tonight, a speech by RBA Assist Governor Guy Debelle in London is likely to have only a limited impact. Opening lower the Australian dollar currently buys 78.50 US Cents.
New Zealand Dollar
NZD / USD
Expected Range
0.7100 – 0.7300
The New Zealand Dollar remains relatively unchanged this morning, trading within a tight range slightly above the 0.72 level. Initially the Kiwi gained against the Greenback in overnight trading, reaching a high of 0.7238 and showing signs of post-election underperformance recovery. However, the positive headline gave way to a small sell-off and was subsequently forced lower as the RBNZ chose to keep rates on hold as widely expected. The official statement also held no demons with Acting Governor Grant Spencer reiterating the RBNZ’s continued accommodative stance. With little else on the domestic front to drive direction today, the Kiwi now turns to its counterparties GDP figures later this evening for momentum.
Great British Pound
GBP / AUD
Expected Range
1.6900 – 1.7200
The Great British Pound exacerbated its’ losses this week, opening this morning at 1.3396. Despite surprising September CBI retail sales survey data revealing the fastest retail sales growth since September 2015, the Sterling continued its downward trajectory. The Cable has been highly susceptible to strengthening fortunes across the Atlantic with Janet Yellen’s hawkish speech continuing to dominant this week’s movements. The Sterling now turns to a potentially interesting speech from the Bank of England’s Governor Carney as Traders look for further clues as to the direction of monetary policy. Against the Aussie, the Sterling has remained relatively unchanged opening this morning at 1.7054.
Majors
USD, EUR, JPY
Expected Range
N/A
Market sentiment was positive towards the US Dollar overnight after US President Donald Trump proposed tax reforms were released. The plan included a cut to individual tax rates and lower company taxes from 35% to 20%. US data also supported the Greenback with US durable goods orders for August were on the stronger side of expectations bolstering expectations of an interest rate hike from the Fed. EUR/USD fell from 1.1795 to 1.1717, a one month low, USD/JPY was up 113.25 a 10-week high. Looking ahead German consumer prices and Eurozone confidence numbers are scheduled for release on today, with improvements expected in both reports. Traders see a likely bounce on the EUR/USD back towards 1.18.