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Aussie dollar rose on Monday on upbeat global equity markets
AUD - Australian Dollar
The Australian dollar is slightly stronger this morning when valued against the greenback, just falling short of the 0.7300 level, despite the rise in Gold prices. Higher risk appetite has lent some support to the Kiwi dollar yesterday which saw selling pressure on the Aussie. While the Kiwi is up 0.6% to over 0.6700, the AUD is barely higher to start the week, seeing NZD/AUD up 0.5% to about 0.9200.
All eyes now turn to the Reserve Bank of Australia (RBA) Meeting Minutes that will be out during the upcoming Asian session. Policymakers are likely to keep rates on hold at a record low of 0.25%, and repeated that the economic downturn “is not as severe as earlier expected and a recovery is now under way in most of Australia.” From a technical perspective, the AUD/USD pair is currently trading at 0.7286. We continue to expect support to hold on moves approaching 0.7250 while now any upward push will likely meet resistance around 0.7310.
Key Movers
The US dollar slipped on Monday against its major counterparts after a positive news about a COVID-19 vaccine lifted the mood in global equity markets. Including reports of Oracle winning the battle for the U.S. arm of TikTok. Drugmaker AstraZeneca on Monday said it resumed its British clinical trials of its COVID-19 vaccine, one of the most advanced in development, helping kick off a rally in stocks.
In the UK the Great British Pound is slightly higher this morning when valued against the Greenback although continues to remain the weakest currency amid Brexit-related turmoil. Overnight the GBP/USD pair reached a daily high of 1.2918 on the back of the dollar’s weakness. The Pound Sterling had its worst week in six months last week, as investors grew more pessimistic about the chances of a Brexit deal being reached before the December 2020 deadline. Looking ahead tonight and the UK will publish its latest employment data. The ILO unemployment rate for the three months to July is foreseen at 4.1% up from the previous 3.8%. The number of unemployed people in the UK is foreseen rising to 100K in August, from 94.4K in the previous month.
Expected Ranges
AUD/USD: 0.7220 - 0.7350 ▲AUD/EUR: 0.6050 - 0.6250 ▲
GBP/AUD: 1.7580 - 1.7755 ▼
AUD/NZD: 1.0750 - 1.0950 ▼
AUD/CAD: 0.9500 - 0.9700 ▲