Daily Currency Update

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Australian dollar steady

AUD - Australian Dollar

The Australian dollar is steady this morning when valued against the Greenback. In the absence of any data releases the Aussie traded within a 13 pip range in the last 24 hours.

On the release front today we will see the release for March Private Sector Credit. Looking ahead for the rest of the week, Wednesday will see the release of AIG Manufacturing Index, followed by HIA New Home Sales and Building Approvals on Thursday and Friday respectively.

From a technical perspective, the AUD/USD pair is currently trading at 0.7054. We continue to expect support to hold on moves approaching 0.7035 while now any upward push will likely meet resistance around 0.7070.

Key Movers

The Greenback fell against a basket of currencies on Monday, slipping further from a 23-month high, as Japan began its extended Golden Week holiday. All eyes this week will be on the US central bank’s policymaking board meeting on Tuesday and Wednesday. Followed by the release of U.S. payrolls report on Friday, which is forecast to show a solid increase of 185,000 jobs in April, with unemployment at 3.8%.

Expected Ranges

AUD/CAD: 0.9400 - 0.9600 ▲

AUD/EUR: 0.6200 - 0.6400 ▼

AUD/GBP: 0.5350 - 0.5550 ▲

AUD/NZD: 1.0500 - 1.0650 ▲

AUD/USD: 0.6950 - 0.7150 ▲