Daily Currency Update

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Aussie dollar trades slightly lower against the Greenback

AUD - Australian Dollar

The Australian dollar is trading around 0.7630 this morning against the greenback. Slightly down on yesterday when we saw the Aussie dollar trade around 0.7650 at the beginning of the day. NZD/AUD fell to a fresh seven-month low of 0.9135 in late Asian trading but is back up to 0.9175 this morning. Currency movements have been small, with key majors plus or minus 0.2% from last week’s close. Very quiet on the data releases yesterday. Again there are no scheduled releases today.

Looking ahead this week and on Wednesday we will see the release of Monthly Building Approvals and Private Sector Credit measuring the change in the total value of new credit issued to consumers and businesses. On Thursday we will see the release of monthly Retail Sales figures and Trade Balance. From a technical perspective, the AUD/USD pair is currently trading at 0.7633. We continue to expect support to hold on moves approaching 0.7610 while now any upward push will likely meet resistance around 0.7665.

Key Movers

News overnight the head of the Centers for Disease Control and Prevention made an impassioned plea to Americans not to let their guard down in the fight against COVID-19, warning of a potential fourth wave of the virus. Cases of the virus are up about 10% over the past week from the previous week, to about 60,000 cases per day, with both hospitalizations and deaths ticking up as well. The highest level since March the 4th. The concern is that new patients tend to be younger.

Overnight in the US we saw the release of US published the March Dallas Fed Manufacturing Business Index, which jumped to 28.9 from 17.2, largely surpassing the expected 12.1. This Tuesday the US will release CB Consumer Confidence foreseen at 96.9 from 91.3 in the previous month.

Expected Ranges

AUD/USD: 0.7560 - 0.7685 ▼

AUD/EUR: 0.6410 - 0.6495 ▲

AUD/NZD: 1.0850 - 1.0950 ▼

AUD/CAD: 0.9520 - 0.9650 ▼