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.
Aussie steady ahead of RBA minutes
By Brett Ottawa
Australian Dollar
AUD / USD
AUD/USD
0.7800 – 0.7900
The Australian Dollar fell forty basis points from yesterday’s high of 0.7890, running out of steam in its rally up to the 79 cent handle. Opening initially at 0.7880, the Aussie was steady throughout the domestic trading session as Chinese Inflation numbers came in at expectations of 1.6% for the month of September. The eventual decline was seen in overnight trading with a small movement higher for the greenback with the AUD/USD dropping to an eventual low of 0.7842 at the close. The dollar is expected to see further movement this morning with the release of October’s Monetary Policy Meeting Minutes whereby the RBA kept benchmark interest rates on hold at 1.5%. The Australian Dollar is currently swapping hands at the rate of 0.7850 against its American counterpart this morning.
New Zealand Dollar
NZD / USD
Expected Range
0.7120 – 0.7220
The New Zealand dollar maintained a tight trading band throughout Monday see-sawing amid a 30-point range in the absence of headline data events. The Kiwi held onto gains won into last weeks close having pushed back through 0.7150 on softer than expected U.S inflation indicators. With little domestic data on hand to start the week attentions remained squarely with Winston Peters as an announcement of a new coalition government appears imminent. We expect a short term correction and knee jerk response from markets when a decision is finally agreed while the long term impact will largely be overshadowed by diverging monetary policy outlooks and broader global forces. The NZD opens this morning buying 0.7173 U. S cents.
Great British Pound
GBP / AUD
Expected Range
1.6825 – 1.6925
The Great British Pound moved marginally lower against the US Dollar through trade on Monday moving back through 1.33 and touching intraday lows at 1.3229. Having maintained a tight trading band throughout much of the Australasian trading session Sterling came under pressures on calls Brexit negotiations could break down. Suggestions Theresa May will be unlikely to succumb to new concessions when divorce talks resume this week forced investors to trim long positions. The market has become highly sensitive to Brexit commentary and we are seeing see sawing trades backed by knee-jerk reactions to media headlines. The uncertainty that surrounds Britain’s European separation has divided market expectations and sees investors scrambling to get ahead of broader market moves as any news hits the wires. Attentions remain with ongoing divorce negotiations while the macroeconomic docket is headlined by an all-important CPI read. A strong print at or above 3% could encourage a GBP rally as the likelihood of a November BoE rate hike increases.
Majors
USD, EUR, JPY
Expected Range
N/A
A quiet day yesterday on the macroeconomic data front in the United States with the only release US Empire State Manufacturing Survey for the month of October. The result climbed six points unexpectedly rising from 24.4 to 30.2 in October, versus 20.4 expected, its highest in over three years. The US Dollar has opened generally lower against most of its major rivals today currently trading at 1.1797 against the Euro and 1.3250 against the British Pound. All attentions will now turn to tonight’s monthly UK inflation data.