Daily Currency Update

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AUD falls through Friday’s trading session

AUD - Australian Dollar

The Aussie Dollar dropped to a one-week low of 0.7597 breaking through the 0.7600 barrier, before slightly rebounding to open at 0.7620 this morning, maintaining it’s downward trend against the US Dollar.

The RBA Financial Stability review on Friday added further weight on the Aussie amidst warnings on excessive lending risks as house prices surge. Record low interest rates and rising house prices are creating a risk of excessive borrowing, and the RBA has said it would not respond by raising interest rates, pointing instead to possible macro-prudential tightening.

Key Movers

Canadian employment data showed tremendous positive data with just over 300,000 jobs added last month compared to it’s forecasted expectations of 101,500. The unemployment rate has also dropped to 7.5% from 8.2%.

In the US, Federal Reserve Jerome Powell is scheduled to discuss the economy in an interview conducted by 60 minutes. As head of a central bank, his public engagements are scrutinized as they are often used to drop clues regarding the country’s future monetary policy.

Expected Ranges

AUD/CAD: 0.9420 - 0.9650 ▼

AUD/EUR: 0.6280 - 0.6530 ▼

GBP/AUD: 1.7665 - 1.8350 ▼

AUD/NZD: 1.0730 - 1.0985 ▲

AUD/USD: 0.7475 - 0.7730 ▼