AU
CA
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.
^ Offer ends 31st March 2020. Limited time offer is only available to you as you’re already a registered customer of OFX (excluding Global Currency Account and UKForex Customers) and valid for your first Transaction only made by 31 March 2020. Offer applies only to Spot Contracts. Standard OFX fees applies to all Transactions (if applicable). Third party and intermediary fees may also apply. 40% discount is automatically applied to OFX Customer Rate [LF3] for your first Transaction made by 31 March 2020. Other exclusions may apply. The terms of your applicable OFX Customer Agreement will apply to all Transactions, and capitalised terms have the same meaning as per your applicable Customer Agreement.
Australian Dollar clings on to 71c
AUD - Australian Dollar
The Australian Dollar opens weaker this morning against its US counterpart as stronger-than-expected US Payrolls lifted the Greenback. The Aussie fell from 0.7131 down to 0.7092 as U.S. employers added a net 196,000 jobs to their payrolls in March, up sharply from a 33,000 net gain in February, according to the Labor Department. The jobless rate in March was 3.8%, unchanged from the month before and wage growth slowed, reinforcing the Fed’s message that interest rates are on hold.
Closer to home, Friday saw the release of The AiG performance construction Index which shifted from 43.8 in February to 45.6 in March the Australian Industry Group revealed. Although it remains well above the boom-or-bust line of 50 that separates expansion from contraction the improvement was largely driven by engineering construction, this sub-index lifted to 50.5 in the month. Input prices and average wages weakened but remained well into expansion territory.
From a technical perspective, the AUD/USD pair is currently trading at 0.7102, we see initial support at 0.7050 followed by 0.7004. The market faces near term resistance at 0.7127 followed by at 0.7207.
Key Movers
Trade deal negotiations between Trump and Xi Jinping seem to be moving in the right direction with Trumps saying a deal may be reached within four-weeks reiterated by the White House economic adviser Larry Kudlow saying they are getting ‘closer and closer’.
Brexit update, talks between the government and Labour are expected to continue this week before Ms May travels to Brussels on Wednesday to seek a further delay to Brexit to 30 June 2019. The Prime Minister insists that cross-party talks were the only way to deliver Brexit after MPs voted down her withdrawal agreement three times and also passed legislation to block a no-deal Brexit. In a video released aimed directly at voters, May said “There are lots of things on which I disagree with the Labour Party on policy issues. But on Brexit I think there are some things we agree on: ending free movement, ensuring we leave with a good deal, protecting jobs, protecting security”. The GBP/USD cross is holding above 1.3 and currently buys 1.3033.
Expected Ranges
AUD/USD: 0.7050 - 0.7130 ▼AUD/EUR: 0.6280 - 0.6390 ▲
AUD/NZD: 1.0490 - 1.6000 ▲
GBP/AUD: 1.8280 - 1.8480 ▼
AUD/CAD: 0.9440 - 0.9560 ▲