AUD - Australian Dollar

The Australian dollar tracked within a largely well-defined range throughout Thursday, unable to gather any real momentum in what was a relatively quiet trading day. Having slipped below 0.72 US cents on Wednesday, the AUD edged higher through the domestic session touching intraday highs at 0.7210 before correcting lower overnight, marking intraday lows at 0.7180. With the US closed in observance of Thanksgiving, overnight volume and price action was thin and the AUD struggled to break a 10-point range into this morning open bouncing between 0.7180 and 0.7190. Momentum remains firmly behind the USD at present and our attentions are affixed to the evolution of global rates, in particular pricing on the short end of the yield curve, the development of Fed policy expectations and the broader risk narrative. 0.7170 looms as a key support point ahead of year to date lows near 0.7130.

Key Movers

With the US markets closed in observance of Thanksgiving, price action across major currencies remained largely muted. Commodity currencies, the AUD, NZD and CAD faced some selling pressure but largely maintained a relatively well-defined range while the euro managed to stave off a dip below 1.12 pushing toward intraday highs at 1.1230 before fading into this morning's open. This recent wave of COVID-19 infections across Europe continues to worsen, hampering consumer confidence and weighing on growth expectations into the end of the year. The Great British pound edged lower on the day but held above 1.33, touching lows at 1.3305. With little of note on today’s ticket and volumes expected to remain thin through the Thanksgiving long weekend, our attentions turn to Bank of England governor Bailey as the sole catalyst sparking a macroeconomic shift in direction. Having deferred a rate hike in November, markets will be keenly attuned to any clues into future policy updates and rate guidance.

Expected Ranges

AUD/USD: 0.7130 - 0.7230 ▼

AUD/EUR: 0.6380 - 0.6430 ▼

GBP/AUD: 1.8430 - 1.8620 ▲

AUD/NZD: 1.0450 - 1.0530 ▲

AUD/CAD: 0.9050 - 0.9120 ▼

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