Daily Currency Update

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AUD regains some of its losses

AUD - Australian Dollar

The AUD started to regain some of its losses after dipping below the 0.75 floor earliest this week, to open at 0.7577 against the USD this morning. The USD climbed throughout the week as market sentiment softened, and demand for safe-haven currencies such as the USD being the primary driver.

It is a quiet week up ahead for the Aussie with no major macroeconomic news being released. The 25th and 28th of December are Bank Holidays.

Please note that due to the holidays, after today the Daily Currency Update will conclude for this year and recommence on the 4th of January 2021.

Key Movers

US final GDP data released yesterday came back positive at 33.4% compared to a forecast of 33.1%. While released quarterly, this is reported in an annualised format and shows the yearly change in the inflation-adjusted value of all goods and services by the economy.

Canada also released their GDP data about midnight last night. This also came back positive at 0.4% compared to a forecast of 0.3%. GDP data is the broadest measure of economic activity and the primary gauge of the economy’s health.

We can expect some major movement in the near future when the Organisation of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) meet up on the 4th of January discussing a range of issues pertaining to energy markets, and how much oil to produce.

Expected Ranges

AUD/CAD: 0.9650 - 0.9885 ▲

AUD/EUR: 0.6120 - 0.6400 ▼

GBP/AUD: 1.7480 - 1.8130 ▼

AUD/NZD: 1.0530 - 1.0795 ▲

AUD/USD: 0.7475 - 0.7710 ▲