AUD - Australian Dollar

The Australian Dollar rose 0.65% overnight, tracking a resurgent Chinese Renminbi higher. Opening this morning a touch below 0.68 at 0.6798, the Aussie traded on broad global issues last night amidst a quiet domestic calendar. It was again Trade and Hong Kong that drove global markets as Trump kicked off the American session with somewhat of a compromise, delaying the imposition of the 10% tariffs until mid-December. Markets reacted almost immediately with the Aussie in particular outperforming the majors on any sign that a thawing of trade hostilities may be on the table. Nevertheless, Trump also noted that China has shifted troops to the Hong Kong border which dampened the positivity.

Moving into Wednesday, Australia is set to enjoy a slightly more interesting domestic calendar with the quarter on quarter wage price index set for release. The RBA has made no secret that unemployment and wage increases are critical to their interest rate decisions which will only add to the importance of this release. Otherwise, all eyes will also look to China for their industrial production, retail sales and fixed asset investment numbers.

Key Movers

Overnight, the US Trade Representative announced that they would delay the 10% tariffs on some consumer goods until mid-December. President Trump added that this was aimed to coincide with the Christmas Season and in effect, shielded consumers from higher prices on consumer goods for this coming Christmas. Adding to the positivity in global markets were reports that discussions between US Representative Lighthizer and Chinese Vice Premier Liu had resumed after they initially faltered which raises the chance of negotiators meeting in the US in September. The announcement had an almost immediate effect with Safe Haven currencies, the Japanese Yen and Swiss Franc, bearing the brunt of the shift in risk sentiment with the Yen falling 1.3% and the Franc falling 0.7%. On the other side of the coin, the Chinese Renminbi rose 1.25% and the Aussie rose 0.65%, supporting by improved risk appetites.

Expected Ranges

AUD/CAD: 0.8944 - 0.9012 ▼

AUD/EUR: 0.6045 - 0.6112 ▼

GBP/AUD: 1.7703 - 1.7779 ▼

AUD/NZD: 1.0490 - 1.0552 ▲

AUD/USD: 0.6741 - 0.6839 ▼

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

Latest Forex Analysis

Editors’ Picks

EUR/USD trades around 1.1100 amid the Italian crisis, ahead of Fed minutes

EUR/USD is trading around 1.1100, in familiar ranges. Italian President Mattarella will explore if a new government can be formed after PM Conte resigned. The FOMC Minutes are eyed later in the day.

EUR/USD News

GBP/USD leans lower ahead of the Johnson-Merkel meeting

GBP/USD is trading below 1.2150, losing some ground. UK PM Johnson will meet German Chancellor Merkel in Berlin after the latter called for finding practical solutions on the Irish backstop.

GBP/USD News

USD/JPY: Bulls re-take 106.50 amid higher S&P futures, Treasury yields

Following a temporary reversal seen on Tuesday, the USD/JPY pair resumes the bullish momentum in Wednesday's Asian trading and regains the 106.50 level, tracking the gains in the US Treasury yields and S&P 500 futures. 

USD/JPY News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Critical technical levels cryptos need to overcome after the summer slide

Late August is vacation time in the northern hemisphere – and cryptocurrency bulls may be at the beach as well. Tuesday's slide in prices lacks clear triggers and perhaps shows some fatigue or profit-taking.

Read more

Gold rebounds above $1,500, remains stuck in tight range

After closing the previous day at $1,506, the XAU/USD pair edged lower on Wednesday as the recovering market sentiment made it difficult for the precious metal to find demand as a safe-haven.

Gold News

Majors

Cryptocurrencies

Signatures