Daily Currency Update

AUD - Australian Dollar

The AUD fell throughout yesterday’s trading day, unable to break the ceiling of 0.7. Hitting an almost one-week low of 0.6967, the AUD opened against the USD this morning at 0.6973. It has been a relatively quiet week on the macroeconomic data front for the AUD as we await the Federal Reserve announcement.

Key Movers

Lack of movement in the market is not uncommon leading up to a large announcement, as US Federal Reserve chair Jerome Powell is scheduled to speak this morning. As head of a central bank, the Federal Reserve controls short term interest rates and volatility is often experienced during his speeches as they are often used to drop subtle clues regarding future monetary policy.

There has been little news lately regarding the US-China trade war barring a trade dispute between Japan and Korea. Japan have imposed restrictions on exports to Korea that will impact the production of memory chips and smartphones. In other major news, The UK GDP data is scheduled to be released early tomorrow night. Showing the changes in the total value of goods and services, this data shows a measure of economic activity and is expected to have a major impact on the GBP.

Expected Ranges