AUD edges higher in what was an otherwise lacklustre trading day

OFX Daily Market News

Posted by OFX

AUD – Australian Dollar

The Australian dollar edged higher through trade on Tuesday, pushing back through 0.7150 in what was an otherwise lacklustre day across both currency and equity markets was. Having crept upward throughout the domestic session following a stronger than anticipated trade surplus and a relatively rosy RBA outlook. The Reserve bank offered few surprises, maintaining its current interest rate setting and only marginally adjusting bond purchases, while re-iterating their view, the economy was performing better than initially expected. While they did point to a sharp decline in GDP through 2020 the promise of a quick recovery through 2021 helped underpin the AUD. The extended and tightened lockdown in Victoria does however pose a significant threat to future growth prospect as the impact to key business across the local economy worsens. Some estimates suggest north of 100,000 business will not survive the new round of lockdown with a rush on insolvencies after job keeper and fiscal support measures ease.

Despite the dour domestic outlook the AUD remains well bid as positive sentiment and a softening USD underpin the shift above 0.70 cents. While the 2nd wave poses a threat to our domestic recovery, our outlook comparable to other major counterparts remains rosy. Attentions today remain affixed to the promise of US fiscal stimulus and fluctuations in risk demand.

Key Movers

The US dollar fell through trade on Tuesday, giving up hard fought gains through Friday and Monday as talks between Republicans and Democrats on the next round of COVID-19 stimulus appear stymied by partisan differences. Having suffered its worst monthly decline in a decade, the dollars short term prospects now rest in the hands of Fiscal support plans. Government relief is crucial in seeing the US through the COVID-19 pandemic and with unemployment benefits ending last week, failure to deliver a new round of support immediately risks an even steeper economic downturn as consumer sentiment and spending essentially evaporates. Currency markets remain ties to risk and fiscal spending at present. If Congress can agree an extensive and wide reaching relief program we would expect the USD to find support and reverse July’s losses, however a republican led program, targeting the bare minimum will likely chasten investors and underpin the recent downturn.

The Great British Pound edged lower, dipping below 1.30 as fears a 2nd wave of infections will derail the recovery dampened demand and prompted a shift away from near 5-month highs. Despite registering its largest monthly rally in more than 10 years there are significant headwinds ahead for the GBP. Brexit negotiations remain at loggerheads as the December deadline looms larger, while the threat of COVID-19 is far from over and it is unlikely the economy will be operating at 100% until well into 2021. WE expect resistance on moves approaching 1.33/1.35 with US weakness the key to any sustained upturn.

Expected Ranges

AUD/USD: 0.7080 – 0.7220 ▲

AUD/EUR: 0.5980 – 0.6120 ▲

GBP/AUD: 1.7980 – 1.8420 ▼

AUD/NZD: 1.0710 – 1.0880 ▲

AUD/CAD: 0.9480 – 0.9620 ▲


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Australian Dollar edges lower as USD recoups July’s losses

OFX Daily Market News

Posted by OFX

AUD – Australian Dollar

The Australian dollar edged lower through trade on Monday, continuing Friday’s correction to touch intraday lows at 0.7070. In the absence of any headline data the AUD succumbed to a broader USD rebound as the worlds base currency benefited from a correction in last months sell off and a rush to mediate a series of USD shorts. The speed of July’s downturn and the AUD bounce through 0.72 has prompted profit taking and a short-term consolidation. The broader risk tone is still intact and USD net-shorts remain near their highest level in 9 years suggesting there is still ample scope for ongoing US weakness, and we anticipate the US dollar will resume its downward trend in the weeks ahead.

Attentions today turn to the RBA as it meets to debate changes to its Monetary Policy program. We anticipate board members will opt to maintain the current platform, however there is scope to suggest Victoria’s extended COVID-19 lockdown and consequential dip in GDP may force the bank to consider additional stimulus measures in the future. We expect the AUD to remain range bound between 0.7030 and .7180.

Key Movers

The US dollar edged marginally higher through trade on Monday as investors continue to unwind short positions following the worst monthly decline in over 10 years. Improvement in the trend of COVID-19’s spread, better than expected manufacturing data and the promise of fiscal stimulus helped drive the USD upward, pushing the dollar index back toward 94, having touched session highs at 93.997.

The Euro fell, touching intraday lows at 1.17 before creeping back above 1.1750. The single currency continues to bask in the afterglow of the EU recovery fund and while last months move may have been overdone , there is scope to suggest the correction through the start of August is merely short term and the upturn will continue though the later half of the year.

The Great British Pound edged lower through trade on Monday, ending the month-long upturn and shifting back toward 1.30. Sterling enjoyed it best month in a decade, when measured against the USD, bouncing strongly off June lows to extend back above 1.31. The speed of the upturn left the door open for yesterday’s correction and investors looked to take profit ahead of what is typically a tricky month for risk assets. Despite Sterling’s outperformance against the USD, it has tracked largely sideways against most other major counterparts, highlighting just how fragile the currency is and confirming impetus behind the upturn has been dollar weakness rather than any inherent strength in the Pound.

Attentions now turn to US lawmakers as, Republicans and Democrats continue to negotiations on the next US fiscal Stimulus Bill. Markets are already pricing in increased government support in the near term, but with partisan politics delaying progress and unemployment benefits no longer available the US economy risk tipping off a fiscal cliff if an agreement cannot be reached in the coming days/week.

Expected Ranges

AUD/USD: 0.7030 – 0.7180 ▼

AUD/EUR: 0.6010 – 0.6120 ▼

GBP/AUD: 1.8120 – 1.8480 ▲

AUD/NZD: 1.0650 – 1.0820 ▼

AUD/CAD: 0.9480 – 0.9620 ▼


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Aussie falls 0.7% as Greenback fights back

OFX Daily Market News

Posted by OFX

AUD – Australian Dollar

The Aussie fell 0.7% on Friday after a resurgent USD finally found some support and rose 0.4% against a basket of currencies. Opening this morning at 0.7140, the Aussie looks to tread water as Victoria enters stage four lockdowns.

It was a day of 2 halves for the Aussie with the Asian session trading around the 0.72 level, its highest point in more than a year on the back of USD weakness. Nevertheless, during the American session the Greenback clawed its way back significantly with the USD Index rebounding from its lowest level in more than two years. Despite the resurgence, the Greenback still recorded its worst monthly fall since January 2018. The catalyst for the shift wasn’t an obvious one in this case with the Democrats and Republicans both still in a stalemate and little economic data to drive direction. Nevertheless, the Greenback was oversold after its recent big move lower and the movement upward is a sign of consolidation.

Moving into a new week, the Aussie will keep a close eye on Victoria with little on the economic calendar to drive direction. Off-shore, the Aussie will again trade to the beat of the see-sawing USD.

Key Movers

The USD edged higher through trade on Friday, climbing against a basket of major counterparts having touched two-year lows. In the absence of any headline data event or obvious catalyst the Bloomberg dollar index advanced half a percent as investors appeared to take profit and cover shorts in a broad based month end re-balancing. A shift in risk sentiment drove direction into the weekly close as the Euro gave up upside while the JPY, NZD, AUD and GBP all drifted lower. The Eurozone recorded it largest contraction on record through Q2 and inflation rose unexpectedly. The surprise print had little impact on markets but did take some of the sheen off the recent rally.

With US lawmakers unable to reach an 11th hour stop gap agreement, fiscal stimulus remains in sharp focus this week. With unemployment benefits ending last week and Treasury Secretary, Steven Mnuchin suggesting “there is still a lot of work to do” a long and protracted debate between Republicans and Democrats risks hurting consumer led growth. Political uncertainty is creating added downward pressure on the USD and despite Friday’s bounce the broader outlook remains bearish.

Expected Ranges

AUD/CAD: 0.9522 – 0.9626 ▲

AUD/EUR: 0.6009 – 0.6112 ▼

GBP/AUD: 1.8244 – 1.8427 ▲

AUD/NZD: 1.0715 – 1.0822 ▲

AUD/USD: 0.7089 – 0.7218 ▲


Posted by OFX

Positive economic activity stabilizes dollar

OFX Daily Market News

Posted by OFX

USD – United States Dollar

US economic activity in the manufacturing sector grew in July, with the overall economy notching a third consecutive month of growth, according to a monthly survey of purchasing managers released this morning.

The Manufacturing ISM® Report on Business® stated that the July purchasing manager’s index registered 54.2 percent, up 1.6 percentage points from the June reading of 52.6 percent. This figure indicates expansion in the overall economy for the third month in a row after a contraction in April, which ended a period of 131 consecutive months of growth.

The PMI is considered a leading indicator of economic health. Businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy.

The actual reported data came in higher than the forecasted data, and the US dollar had a small bounce against the euro and pound. The dollar had reached lows against both currencies last week.

Key Movers

The pound will be itching to pick up from where it left off this week after we saw GBP/USD break 1.30 for the first time since March’s ‘Black Tuesday’. Although a large part of the surge is attributed to US dollar weakness, it is likely the pound will start to strengthen against several its other major peers.

The contraction in the Eurozone economy in the second quarter was slightly worse than expected. France and Italy performed better than expected but Spain disappointed. Like the US, these numbers show the extent of COVID-19 damage on the Eurozone economy. However, unlike the US, the recovery fund and relative containment of virus cases in Europe should lead to a stronger recovery.

Expected Ranges

USD/CAD: 1.339 – 1.244 ▼

GBP/USD: 1.300 – 1.311 ▲

EUR/USD: 1.170 – 1.179 ▲

USD/AUD: 1.398 – 1.413 ▲


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Australian dollar poised to break 0.72 US cents

OFX Daily Market News

Posted by OFX

AUD – Australian Dollar

The Australian dollar offered little to excite investors through trade on Thursday, again failing to break above resistance at 0.72 US cents. Risk assets came under pressure overnight as oil prices dipped and President Trump suggested a delay to the Presidential Election in November. Trump’s tweet sparked an immediate risk-off run that forced the S&P 500 lower and saw the AUD touch intraday lows at 0.7120. Republicans were quick to rebuke the suggestions, distancing themselves from the comments while reminding markets any delay would need approval from the Senate and Democrat controlled House of Congress. Having confirmed the delay would not be sanctioned by lawmakers’, attentions turned to whether or not Trump will accept an election result should he lose. Fears the President would reject the outcome prompted a broader USD sell off and the AUD quickly recovered.

Attentions today remain squarely affixed to US lawmakers and updates surrounding the next tranche of Fiscal stimulus. The current unemployment benefit scheme ends today, with no clear plan of secession in place. Failure to implement a stop gap measure will leave millions of Americans out of work without government support. When other major governments are diving deep into the war chest to prop up their economies and those most devastated by the COVID-19 pandemic, the US continues to battle partisan politics. Failure to reach an agreement could prompt heightened volatility on Monday and provide the catalyst to push the AUD through 0.72 US cents.

Key Movers

The US dollar extended its recent downturn amid suggestions of a delay to the November election and a dire economic outlook. The dollar came under heavy selling pressure following the President’s suggestion the election should be delayed, ensuring issues with mail voting were ironed out. The comments sparked fears the President would reject the election result, adding increased political uncertainty into an already fragile domestic environment. US GDP all contracted at an alarming rate, with Q2 growth almost 33% down on this time last year. While there have been signs of a recovery since the April low, the US remains in the grips of the coronavirus, unable to curb its spread and while States refused to reinstate lockdown measures, there are signs activity and mobility are levelling off as citizen’s activities and patterns change amid fear of the virus. With the US interest yield advantage eroded, a broadly positive risk-on mood and renewed euro demand, the USD is likely to remain under pressure through the back half of 2020.

The euro and GBP both outperformed through Thursday with the single currency continuing to bask in the aftereffects of the EU recovery Fund agreement and largely positive signs surrounding COVID-19 containment. While hotspots for new infections are emerging across the continent, numbers remain manageable (at this stage) and with the rate of infection well short of that in the US, renewed demand for the euro is expected to continue. Having broken 1.18, the currency is poised to move above 1.1850 and extend toward 1.20 in coming days/weeks.

Sterling broke above 1.30 amid ongoing US selling. While the UK remains embroiled in Brexit negotiations and struggles to respond to the economic effects of the pandemic, its recent upturn can only be attributed to broad based USD weakness. Sterling touched 1.3102, before edging lower into this morning Australasian open.

Expected Ranges

AUD/USD: 0.7090 – 0.7230 ▲

AUD/EUR: 0.6020 – 0.6130 ▼

GBP/AUD: 1.7920 – 1.8480 ▲

AUD/NZD: 1.0680 – 1.0820 ▼

AUD/CAD: 0.9530 – 0.9720 ▲


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Declines continue for US dollar

OFX Daily Market News

Posted by OFX

USD – United States Dollar

Following the release of some of the dramatic economic stats since the Great Depression and suggestions to postpone November’s presidential election, the dollar continued to decline against other currencies.

EUR/USD hit 1.19 overnight and GBP/USD reached 1.316 early this morning. Trade with the Canadian dollar bounced between 1.341 and 1.345 overnight. These figures continued the trends highlighted by OFX Daily Commentary over the last week.

US GDP contracted at an alarming rate, with second quarter down 9.5% from the previous quarter. While there have been signs of a recovery since the April low, the US remains in the grips of the coronavirus. States’ inability to curb its spreads and their refusal to reinstate lockdown measures, there are signs activity and mobility are levelling off. With the US interest yield advantage eroded, a broadly positive risk-on mood and renewed euro demand, the USD is likely to remain under pressure through the back half of 2020.

Key Movers

The euro and GBP both outperformed through Thursday with the single currency continuing to bask in the aftereffects of the EU recovery Fund agreement and largely positive signs surrounding COVID-19 containment. While hotspots for new infections are emerging across the continent, numbers remain manageable (at this stage) and with the rate of infection well short of that in the US, renewed demand for the euro is expected to continue. Having broken 1.18, the currency is poised to move above 1.1850 and extend toward 1.20 in coming days/weeks.

Sterling broke above 1.30 amid ongoing US selling. While the UK remains embroiled in Brexit negotiations and struggles to respond to the economic effects of the pandemic, its recent upturn can only be attributed to broad based USD weakness. Sterling touched 1.3102, before edging lower this morning.

Expected Ranges

USD/CAD: 1.337 – 1.345 ▼

GBP/USD: 1.303 – 1.316 ▼

EUR/USD: 1.179 – 1.190 ▼

USD/AUD: 1.384 – 1.401 ▲


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Aussie fails to break 0.72 ahead of key US fiscal stimulus updates

OFX Daily Market News

Posted by OFX

AUD – Australian Dollar

The Australian dollar crept upward through trade on Wednesday amid dovish commentary from the US federal reserve and a broadly upbeat risk on tone. Having struggle to consolidate a break above 0.7150 throughout the domestic session the AUD stretched its legs overnight and appears poised to break through 0.72 before resistance and profit taking tempered gains. Having touched intraday and 15 month highs at 0.7195 the AUD has edged marginally lower into this mornings open and currently buys 0.7188 US Cents.

Attentions were squarely affixed to the Fed’s updated policy statement, which showed little change from that proffered last month as the FOMC maintained its dovish stance, committing its full suite of monetary policy tools to support the US economy. The bleak outlook added downward pressure on the world’s base currency and help consolidate the Aussie dollars upturn.

Focus now turns to talks between Republicans and Democrats as the two parties look to put partisan issues aside and agree a new fiscal stimulus plan before the current unemployment plan runs out at the end of the week. With negotiations at loggerheads there are calls for as stop gap measure to be employed ensuring benefits continue to flow while broader discussions continue. Democrats however appear reluctant to approve a stop gap facility for fear of loosing leverage in ongoing negotiations. While investors suspect an agreement will be reached before the deadline, we can expect heightened volatility Monday if an agreement is not reached.

Key Movers

The US dollar marked a fresh two-year low on Wednesday as the FED affirmed its dovish stance and offered little in the way of forward guidance. The FOMC reiterated its pledge, to commit its full suite of monetary policy tools for as long as it takes to guide the economy through the recession triggered by the COVID-19 outbreak. Fed Chair Jerome Powell painted a bleak picture as the US struggle to contain the virus and 21 States have been urged to roll back social distancing restrictions in a bid to curtail the spread and ease the pressure on the hospital system. The dollar index fell to 93.17 its lowest point since June 2018.

The Euro made fresh highs, pushing through 1.18 to touch intraday highs at 1.1805. Investors continue to dump the USD in favour of the single unit as EU fiscal support and COVID-19 containment open the door to a faster paced recovery than that likely in the US. With expectations the Fed will maintain it ultra-loose monetary policy setting well into the future the dollar outlook remains bleak. Key fundamentals that previously propped up the worlds base currency have been rapidly eroded and right now the only point of support is shifting risk demand.

The Great British Pound pushed ever nearer 1.30, touching intraday highs at 1.2995 as broad based US dollar weakness helped the embattled currency continue its recovery off June and early July lows. While Sterling has enjoyed a brief upturn, our broader view remains bearish as Brexit uncertainty and questions over the economies ability to rebound after the Pandemic weigh on the currency.

Expected Ranges

AUD/USD: 0.7070 – 0.7220 ▲

AUD/EUR: 0.6030 – 0.6180 ▼

GBP/AUD: 1.7880 – 1.9220 ▲

AUD/NZD: 1.0680 – 1.0820 ▲

AUD/CAD: 0.9480 – 0.9620 ▲


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Has the dollar bottomed out?

OFX Daily Market News

Posted by OFX

USD – United States Dollar

After reaching recent lows against the euro and Great British pound overnight, the dollar this morning has started to make slight gains. Those gains, ever so slight, may be the range the dollar has landed.

Overnight, the EURO/USD broke through 1.1807 and has since returned to 1.17. The GBP/USD hit 1.306 in early morning trading. Against the Canadian dollar, USD reached a 7-day high but its down nearly 8% from its 3-month high on May 2.

Yesterday’s Federal Reserve FOMC didn’t provide an exciting punch to shift the markets back toward the dollar. And with Congress debating the merits of another economic stimulus plan, the pandemic continues to drive the US economy.

Expect more of the same. This morning, the US Department of Commerce reported a i.5% drop in the second quarter for Gross domestic product. Annualized, GDP dropped 32.9%. Unless the US can minimize the economic impact of COVID-19, expect a weaker dollar.

Key Movers

The Australian dollar crept upward through trade on Wednesday amid dovish commentary from the US federal reserve and a broadly upbeat risk on tone. Having struggle to consolidate a break above 0.7150 throughout the domestic session the AUD stretched its legs overnight and appears poised to break through 0.72 before resistance and profit taking tempered gains. Having touched intraday and 15-month highs at 0.7195 the AUD has edged marginally lower into overnight trading.

The number of cars built in the UK over the past six months has slumped to the lowest since 1954, down 42% on the same period last year. The trade body estimated that 11,349 jobs were lost in the past six months at carmakers and companies which supply them with parts and services. To combat small businesses from collapsing it’s been widely reported over the last 24 hours that the government is expanding its COVID-19 rescue loan scheme. Brexit uncertainty and questions over the economy’s ability to rebound after the pandemic weigh on the currency.

Expected Ranges

USD/CAD: 1.333 – 1.345 ▲

USD/AUD: 1.390 – 1.403 ▲

GBP/USD: 1.294 – 1.306 ▼

EUR/USD: 1.173 – 1.180 ▼


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AUD upturn stalls as markets pare gains ahead of two key risk events

OFX Daily Market News

Posted by OFX

AUD – Australian Dollar

While the broader risk narrative remains intact markets adopted a more cautious tone through trade on Tuesday, preventing the AUD from extending significantly beyond 0.7150. Having touched intraday highs at 0.7175 the AUD remained range bound through much of the day bouncing between 0.7120 and 0.7165 as investors checked recent moves ahead of the upcoming Fed monetary policy meeting and an injection of fiscal stimulus.

Attentions remain squarely affixed to COVID-19 headlines, with 398 new cases recorded yesterday, of which 384 were in Victoria and 14 in NSW. Victoria continues to struggle in containing its most recent outbreak with the daily number of infections stubbornly refusing to fall despite lockdown measures. With NSW the only other state recording new community transmitted cases the broader outlook still remains positive, especially when compared with other major counterparts as nearly 230,000 new cases were reported globally. As long as Victoria’s outbreak is contained we expect minimal impact on the value of the AUD through the short term. While the enforced lockdown have forced a correction in GDP estimates we are still well-placed to bounce out of the Pandemic. With support forming at 0.70 the door is open for a possible run toward 0.73 and 0.74 into the end of the year, while the upcoming Fed policy meeting and congressional stimulus plan pose short term risks.

Key Movers

The US dollar bounced of two year lows through trade on Tuesday as investors looked to consolidate the recent sell off and check positions ahead of the Fed’s upcoming monetary policy meeting and an anticipated announcement surrounding Fiscal stimulus plans. While the dollar is down over 3.5% through July the dollar index jumped back toward 94 overnight as markets adopted a more cautious tone and risk demand tapered.

Attentions are fixed on the upcoming Fed policy meeting. While we do not expect the FOMC will employ any new policy measures there could be a change to forward guidance, with average inflation targets possibly lifted to counter rising prices and make up for a decade of undershooting. An increase to the inflation target will likely weigh further on real yield returns as interest rates will remain lower for longer, dampening demand for the USD.

Fiscal stimulus plans also pose a risk to short term trends with republicans and democrats debating the size and breadth of new COVID-19 support packages. The Democrats have proposed a 3 trillion dollar platform while republicans are looking to scale back spending and push a 1 trillion dollar support program. With negotiations at loggerheads there is a real fear an agreement won’t be reach before the end of the week when the current unemployment benefits program ends. An eleventh hour deal could provide short term relief for the world’s base currency as investors continue to favour aggressive and proactive government intervention.

The Euro has slipped off highs approaching 1.18 on the back of the USD uptick and currently buys 1.1720, while the Pound was one of the days top performers, advancing through 1.29 as technical buying as broader USD weakness continues to drive direction.

Expected Ranges

AUD/USD: 0.7080 – 0.7220 ▼

AUD/EUR: 0.6070 – 0.6150 ▲

GBP/AUD: 1.7880 – 1.8220 ▲

AUD/NZD: 1.0650 – 1.0790 ▲

AUD/CAD: 0.9480 – 0.9620 ▲


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AUD holds onto gains; Is the US dollar bull run coming to an end?

OFX Daily Market News

Posted by OFX

AUD – Australian Dollar

The Australian dollar maintained its upward momentum through trade on Monday, pushing back above 0.71 amid broad based US dollar weakness. Having opened below 0.7090 the AUD climbed steadily throughout the day marching back toward 0.7150 and intraday highs at 0.7151. Despite a sustained demand for risk assets the AUD fell short of last weeks 15 month high at 0.7183, meeting and bouncing off resistance as concerns over growing COVID19 infections in Victoria weighed down the upturn. Victoria reported 532 new coronavirus infections on Monday, the countries worst daily increase since the Pandemic began. Lockdown and social distancing measures in force through the last two weeks appear to have done little to force a downturn in daily infections, raising concerns level 4 restrictions will need to be enforced in the coming days. With fears mounting the outbreak could spread into NSW there is a risk the broader national recovery may be derailed.

Attentions today remain with COVID 19 headlines and broader risk demand. Despite our domestic outbreak we maintain our bullish outlook for H2. Broad based US weakness should help support extended AUD upside in the months ahead with a consolidated break above 0.7150 opening the door for an extension toward and beyond 0.72. There are of course risks to this outlook. Uncertainty across markets remains high and conviction thin, a broader shift in risk demand and widespread global shutdown amid a 2nd wave of infections across Europe could force a flight to safety, weighing on the AUD rebound.

Key Movers

The US dollar collapsed to a two-year low against the Euro on Monday amid losses against most major counterparts as the spread of COVID 19 continues unchecked. Florida passed New York as the State with the second highest number of Coronavirus infections, while California continues to battle an unwelcome surge in new cases, now the worst hit of all 50 States. There is mounting concern that unemployment benefits will dry up come the end of the week. Republicans are tipped to put forth a relief bill on Monday/Tuesday at which point Democrats will have the opportunity to critique the proposal and push their own agenda. With partisan politics in full swing leading into the election there is real scope to suggest both parties will not agree a compromise in time, escalating calls for a short-term stopgap measure to prop up those devastated by record job losses. Heightened uncertainty within the US has forced us to push back our timeline for recovery with the US likely to lag major counterparts in bouncing out of the pandemic and economic crisis. The Fed is expected to affirm its commitment to long run low interest rates on Wednesday with uber loose monetary policy likely to be in play for years to come. As real US interest rates remain under pressure and US economic performance falters there is ample capacity for extended USD downside through H2.

Capitalising on USD weakness the Euro upturn continued Monday, outstripping major counterparts and pushing through 1.17 and 1.1750 to touch two-year highs at 1.1775. The single currency has been the primary benefactor in the shift away from the worlds base currency as the EU proactive and aggressive fiscal support program has bolstered hopes for a swift economic recovery and a unified Europe.

Expected Ranges

AUD/USD: 0.7020 – 0.7220 ▲

AUD/EUR: 0.6010 – 0.6130 ▼

GBP/AUD: 1.7780 – 1.8220 ▲

AUD/NZD: 1.0630 – 1.0750 ▼

AUD/CAD: 0.9480 – 0.9620 ▲


Posted by OFX