AUD - Australian Dollar

The Aussie kickstarted the first week of December with a rise of almost 1% to open this morning at 0.6823. After a lacklustre last week of November, the Aussie finally received some much-needed positivity by initially finding some support from Australia’s largest trading partner China. China’s Manufacturing PMI was released over the weekend and reported a better than expected result. Following the result, China also released the Caixin PMI which also came in above expectations. Overall, the Chinese manufacturing sector grew at its fastest pace since December 2016, which in turn, sent the Aussie upwards. Pushing the Aussie into overdrive however was a significant fall in the value of the Greenback. The United States dollar fell across the board after the US ISM manufacturing survey came in weaker than expected. With support from China and a fall in the USD, the Aussie had one of its best days over the last few weeks.

Moving into Tuesday, the Aussie now turns to the RBA for direction with the release of their cash rate decision and accompanying rate statement set for release at 2:30PM AEDT today. While the decision is widely expected to be a hold for December, the market will take keen interest in the rate statement for any insights into the RBA’s rate guidance.

Key Movers

A weaker than expected ISM Manufacturing Survey in the United States sent FX markets into overdrive as the Greenback fell significantly across the board. The ISM survey reported a reading of 48.1 against an expected 49.2, a large miss all in all. Despite the poor ISM survey result, there was a rise in the less followed US Final PMI survey to 52.6. Nevertheless, the US Dollar Index tumbled 0.45% to open this morning at 97.84.

Staying with the United States, the December 15th deadline continues to linger in the back of the markets mind with any news of the US-China trade war continuing to dominate market sentiment. Overnight, Wilbur Ross told Fox News that “if nothing happens between now and then, the President has made it quite clear he’ll put the tariffs in – the increased tariffs”. The adversarial mood did not help the tenuous situation.

Expected Ranges

AUD/CAD: 0.9034 - 0.9114 ▲

AUD/EUR: 0.6122 - 0.6186 ▼

GBP/AUD: 1.8929 - 1.9029 ▲

AUD/NZD: 1.0454 - 1.0524 ▼

AUD/USD: 0.6779 - 0.6848 ▲

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 Forex Analysis

Editors’ Picks

EUR/USD hits three-month highs above 1.1150 amid relentless USD selling

EUR/USD extends the advance above 1.1150, hitting fresh three-month highs amid relentless US dollar selling and the upbeat market mood. The focus remains on the Eurozone/ US PMIs.


GBP/USD regains 1.2400 ahead of UK Manufacturing PMI

GBP/USD climbs back above 1.2400 as the US dollar sees a fresh leg lower in early Europe. Calls of further help to British employees add to the upside momentum. The UK/US PMIs eyed ahead of Tuesday's Brexit talks. 


FX Today: USD hit by escalating US riots, risk-on mood; US ISM PMI eyed amid light trading

The US dollar took a beating across the board starting out a new month/ week, as markets breathed a sigh of relief on the US’ softer stance on China. The dollar weakness was also backed by the escalating riots in the US cities, with curfews imposed on major cities. 

Read more

Gold: Teasing a rectangle breakout, $1750 in sight

Gold bulls gathering pace for the next push higher. The extension of last week’s rally in the yellow metal is mainly driven by the sell-off in the US dollar across the board, in the wake of US-China trade war relief and escalating US riots.

Gold News

WTI: Overbought RSI challenges the bulls above $35.50

WTI seesaws around 7-week-old resistance line, retreats from highest since March 11. A short-term ascending trend line on the bears’ radars during the pullback. 100-day SMA, 61.8% Fibonacci retracement together offers strong upside barrier.

Oil News

Forex Majors