AUD - Australian Dollar

The Australian dollar saw a nice gain during Tuesday’s trading session on the back of the RBA cash rate announcement yesterday. Hitting a one week high of 0.6861 against the USD, the RBA statement was not as dovish as traders were expecting, with the Bank suggesting they are looking to be patient of its 75bps of easing before adding any further stimulus.

The Australian Bureau of Statistics will release their quarterly GDP data just before midday today. Expected to have a major impact on the AUD, it shows the change in the inflation-adjusted value of all goods and services produced in the economy.

The AUD opened at 0.6845 this morning against the USD.

Key Movers

The USD has weakened against most other currencies on the back of recent talks regarding the US-China trade deal. President Trump imposed import tariffs of 2.3bn worth of French goods in retaliation for the tax imposed by Paris on the sales of digital services providers, commenting that “I’m not going to let anyone take advantage of American companies. If anyone is going to take advantage of American companies, it’s going to be us”.

Overnight we saw the US Manufacturing PMI data come back less than expected at 48.1 against a forecasted 49.2. Showing the level of diffusion index based on surveyed purchasing managers in the manufacturing industry, the negative data implies industry contraction.

Over in Canada we can expect to see some movement with the rate statement and overnight rate announcements being released after midnight tonight. With the interest rate expected to stay at 1.75%, this is usually already priced into the market but tends to be overshadowed by the rate statement which is focused on the future and discusses the economic conditions that influenced their decision.

Expected Ranges

AUD/CAD: 0.9055 - 0.9175 ▲

AUD/EUR: 0.6105 - 0.6260 ▲

GBP/AUD: 1.8830 - 1.9235 ▲

AUD/NZD: 1.0430 - 1.0590 ▼

AUD/USD: 0.6755 - 0.6945 ▲

IMPORTANT: This information has been prepared for distribution over the internet and without taking into account the investment objectives, financial situation and particular needs of any particular person. Oz Forex Foreign Exchange makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites. Please read our Product Disclosure Statement and our Financial Services Guide.

Regulated in Australia by ASIC (AFS Licence number 226 484)
© 2010 Copyright Oz Forex Foreign Exchange Pty Ltd ABN 65 092-375-703
OzForex Foreign Exchange Services

Member of FOS (Financial Ombudsman Service)
Full Member of AFMA (Australian Financial Markets Association)

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD extends losses toward 1.1250 amid coronavirus concerns

EUR/USD is trading closer to 1.1250 as concerns about US coronavirus cases are growing. Eurozone finance ministers are meeting ahead of next week's summit.  US PPI and updated COVID-19 statistics are awaited.

EUR/USD News

GBP/USD pressured under 1.26 amid risk-off mood, Brexit uncertainty

GBP/USD is trading below 1.26, off the highs. Rising US coronavirus cases are pushing markets lower and the safe-haven dollar higher. Concerns about Brexit and the UK refusal to participate in the EU coronavirus vaccine scheme are weighing on sterling. 

GBP/USD News

Gold refreshes session tops, moves back above $1800 mark

The prevalent risk-off mood assisted gold to reverse an early dip to the $1796 region. A modest pickup in the USD demand might cap any further gains for the commodity. Investors also worried about the possibility of further escalation of Sino-US tensions.

Gold News

Canada Net Change in Employment June Preview: June is looking better and better

Job gains expected to more than double in June. Unemployment rate to drop to 12% from 13.7 in May. Ivey PMI was twice its forecast in June, highest since Nov 2019. USD/CAD would benefit from better June job figures.

Read more

WTI drops to fresh weekly lows below $39 amid virus risks, IEA forecast

WTI (August futures on Nymex) extends the steep declines seen on Thursday to drops over 1.50% in the European session this Friday. The oil bears breach the 39 level to hit the lowest levels in eight days at 38.76.

Oil News

Forex Majors

Cryptocurrencies

Signatures