Daily Currency Update
AUD - Australian DollarThe Australian Dollar saw a nice gain during Friday’s trading session on the back of Larry Kudlow’s positive comments on the US-China trade talks rising about 0.5% to open at 0.6818 this morning against the USD. The Reserve Bank of Australia will release their monetary policy meeting minutes just before midday today. Showing a detailed record of the RBA Reserve Bank Board’s most recent meeting, it provides in-depth insights into the economic conditions that influenced their decision on where to set interest rates.
Key Movers
The USD rose against safe haven currencies on the back of positive trade talk news released Friday with mentions of phase one negotiations being held in “constructive discussions”. White House economic adviser Larry Kudlow advised reporters that they are coming down to the “short strokes” and in communication with China every day. While he acknowledge a deal was close, they are “not done yet”.Furthermore, we saw US Retail Sales exceed it’s forecasted data of 0.1% with figures showing the change in the total value of sales at the retail level at 0.3%. This indicates that consumer spending has risen in the past month, pointing to a strengthening economy.Over the in UK, the Office for National Statistics will release their preliminary GDP data tonight. Showing the change in the inflation-adjusted value of all goods and services produced by the economy, it is the broadest measure of economic activity and the primary gauge of the economy’s health.
Expected Ranges
- AUD/CAD: 0.8920 - 0.9065 ▼
- AUD/EUR: 0.6085 - 0.6230 ▼
- GBP/AUD: 1.8690 - 1.9230 ▲
- AUD/NZD: 1.0560 - 1.0735 ▼
- AUD/USD: 0.6750 - 0.6895 ▼