Daily Currency Update

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AUD continues trend downwards

AUD - Australian Dollar

The AUD traded sideways during yesterday's session against the USD. It peaked during the night to reach 0.7634 after newly released data showed a crude oil inventory decline of 876,000 barrels, but has been following its 1-month trend of sliding downwards to open at 0.7594 this morning.

We may see some volatility today with the release of Australian retail sales data. Showing the monthly total value of sales at the retail level, it is the primary gauge of consumer spending that accounts for the majority of economic activity.

Daily Commentary will be on break for the Easter Long Weekend from Friday, April 2nd to Monday, April 5th and will resume Tuesday, April 6th.

Key Movers

US ADP Non-Farm employment data released last night showed an increase of 517,000 jobs from February to March, almost triple the increase from last month’s report of 176,000 jobs. However, while this is positive news for the US economy, it did not reach the expected figure of 552,000.

Earlier this morning US President Biden unveiled a $2 trillion infrastructure plan which will be funded by an increase in corporate taxes. The proposal intends to inject funds into various infrastructure such as transportation, care for the elderly and disabled, improving drinking water, and manufacturing.

The Organisation of Petroleum Exporting Countries (OPEC) are scheduled to meet all day and discuss a range of issues regarding energy markets, and agree on how much oil they will produce. A formal statement covering policy shifts and meeting objectives will be released after the meetings have concluded.

Expected Ranges

AUD/CAD: 0.9405 - 0.9640 ▼

AUD/EUR: 0.6370 - 0.6610 ▲

GBP/AUD: 1.7855 - 1.8690 ▲

AUD/NZD: 1.0775 - 1.0990 ▲

AUD/USD: 0.7440 - 0.7695 ▼