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.
Australian Dollar hits weekly high – Focus on U.S Economic Docket
By JOEL HOLMES
Australian Dollar
AUD / USD
Expected Range
0.7800 – 0.7900
The Australian dollar edged upward through trade on Wednesday pushing back through 0.7830 and testing intraday highs at 0.7875. With little domestic data on hand to drive direction the AUD found support in wider USD weakness as investors reacted to a proposed short list of candidates to replace Janet Yellen as Fed and FOMC Chair. Suggestions Jerome Powell is a frontrunner in the race to the central banks top job encouraged a USD sell off. A known dove, it is feared Powell may interrupt the Fed’s existing monetary policy plan and waylay expected rate hikes. With attentions turning to Friday’s highly anticipated non-farm payroll print and wage growth reports investors seem content managing positions through Thursday with local direction driven by retail sales and trade balance prints. We anticipate support on moves through 0.78 and approaching 0.7730 with resistance capping gains upward of 0.7890 as investors look to sell into AUD rallies.
New Zealand Dollar
NZD / USD
Expected Range
0.7100 – 0.7200
Great British Pound
GBP / AUD
Expected Range
1.6700 – 1.7000
Majors
USD, EUR, JPY
Expected Range
N/A
The U.S. Dollar saw little movement over the past 24 hours as the markets position themselves for a heavy macroeconomic docket to end the week. There was a change in sentiment for the greenback during the Asian session as investors saw bets strengthen on Jerome Powell to become the next Fed Chair in February, a well renown dovish board member of the central bank. The U.S. Dollar Index (DXY) was down 0.18% for the day with equities flat. United States ADP Non-Farm employment figures came in slightly higher than market expectation, creating 135,000 new jobs for the month of September. The Euro remained above key support at 1.1720 and up 0.2% for the day after enjoying a brief run up to an intraday high of 1.1786. Fed Chair Janet Yellen only spoke briefly this morning with no comments on monetary policy, thus markets were limited in their movements. Investors focus their attention to upcoming unemployment claims and trade balance figures this evening out of the United States.