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.
Aussie jumps 0.65% as the US delays latest round of Tariffs
AUD - Australian Dollar
The Australian Dollar rose 0.65% overnight, tracking a resurgent Chinese Renminbi higher. Opening this morning a touch below 0.68 at 0.6798, the Aussie traded on broad global issues last night amidst a quiet domestic calendar. It was again Trade and Hong Kong that drove global markets as Trump kicked off the American session with somewhat of a compromise, delaying the imposition of the 10% tariffs until mid-December. Markets reacted almost immediately with the Aussie in particular outperforming the majors on any sign that a thawing of trade hostilities may be on the table. Nevertheless, Trump also noted that China has shifted troops to the Hong Kong border which dampened the positivity.
Moving into Wednesday, Australia is set to enjoy a slightly more interesting domestic calendar with the quarter on quarter wage price index set for release. The RBA has made no secret that unemployment and wage increases are critical to their interest rate decisions which will only add to the importance of this release. Otherwise, all eyes will also look to China for their industrial production, retail sales and fixed asset investment numbers.
Key Movers
Overnight, the US Trade Representative announced that they would delay the 10% tariffs on some consumer goods until mid-December. President Trump added that this was aimed to coincide with the Christmas Season and in effect, shielded consumers from higher prices on consumer goods for this coming Christmas. Adding to the positivity in global markets were reports that discussions between US Representative Lighthizer and Chinese Vice Premier Liu had resumed after they initially faltered which raises the chance of negotiators meeting in the US in September. The announcement had an almost immediate effect with Safe Haven currencies, the Japanese Yen and Swiss Franc, bearing the brunt of the shift in risk sentiment with the Yen falling 1.3% and the Franc falling 0.7%. On the other side of the coin, the Chinese Renminbi rose 1.25% and the Aussie rose 0.65%, supporting by improved risk appetites.
Expected Ranges
AUD/CAD: 0.8944 - 0.9012 ▼AUD/EUR: 0.6045 - 0.6112 ▼
GBP/AUD: 1.7703 - 1.7779 ▼
AUD/NZD: 1.0490 - 1.0552 ▲
AUD/USD: 0.6741 - 0.6839 ▼