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 dollar falls to a fresh decade low
AUD - Australian Dollar
The Australian dollar fell 3.7% overnight against the Greenback reaching a low of 0.6230, its lowest since March 2009, after the coronavirus was declared a pandemic and US equity markets plunged overnight. Prime Minister Scott Morrison is due to deliver details of his governments more than $10 billion stimulus package on Thursday morning. The Australian dollar continues to be hit hardest by the market’s risk-aversion. With the outbreak now being called a pandemic, fears of its impact on the global economy are rising. This is keeping the Australian dollar among the market’s least-appealing major currencies.
Looking ahead today and there are no scheduled releases. From a technical perspective, the AUD/USD pair is currently trading at 0.6230. We continue to expect support to hold on moves approaching 0.6000 while now any upward push will likely meet resistance around 0.7200.
Key Movers
Financial markets are in turmoil, as containment measures to stop the spread of Coronavirus look increasingly likely to send the global economy into a recession and potentially trigger a credit crisis. Trading was suspended again overnight as Wall Street has suffered its worst day since the stock market crashed on Black Monday in 1987. On Thursday, the S&P 500 closed down about 9.5 percent, its biggest daily drop in more than three decades. The decline has left stocks in the US firmly in a bear market — a term that signifies a decline of 20 percent from the most recent highs. European stocks tumbled 8 per cent, even after the European Central Bank pledged to buy more bonds and offer more help for the economy. Many analysts say markets will continue to swing sharply until the number of new infections stops accelerating.
Expected Ranges
AUD/USD: 0.6050 - 0.6450 ▼GBP/AUD: 1.9900 - 2.0100 ▲
AUD/NZD: 1.0010 - 1.0210 ▼
AUD/EUR: 0.5350 0.5750 ▼
AUD/CAD: 0.8450 - 0.8850 ▼