AU
CA
EU
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.
AUD continues to climb higher
AUD - Australian Dollar
The Aussie continues to climb against the USD, reaching its highest trading level since June 2018 as the Reserve Bank of Australia advises it is still ruling out a negative official cash rate.
The AUD found further support on the back of negative US data which showed November retail sales decreasing more than usual at -1.1% compared to a forecasted -0.3% due to a depleted fiscal stimulus. Furthermore we saw positive Aussie data with a recovery in employment for November with seasonally adjusted employment increasing by 90,000 people between October and November, and the unemployment rate figures coming in at 6.8% compared to it’s forecasted rate of 7.0%.
The AUD opened against the USD at 0.7624 this morning.
Key Movers
The Bank of Japan held their final central bank meeting of the year last Friday afternoon. As it is one the primary tools the Bank of Japan uses to communicate with investors about monetary policy, it has a major impact on the JPY. The BoJ unveiled a plan that outlined effective ways in order to achieve its 2% inflation target and kept their monetary policy steady as expected. They have also advised they will extend their funding programs by 6 months to ease pandemic strain.
It is a quiet week up ahead in terms of macroeconomic news, with the US and Canada releasing their GDP data on Wednesday and Thursday respectively. Showing the change in inflation-adjusted value of all goods and services produced by the economy, it is the broadest measure of economic activity and the primary gauge of the economy’s health.
Expected Ranges
AUD/CAD: 0.9650 - 0.9865 ▲AUD/EUR: 0.6140 - 0.6335 ▲
GBP/AUD: 1.7480 - 1.8020 ▼
AUD/NZD: 1.0635- 1.0785 ▲
AUD/USD: 0.7515 - 0.7735 ▲