AUD/USD has ripped higher again overnight on the back of continuing USD weakness and a pull back in the U.S Dollar Index which is essentially a composite price of the USD vs. a basket of foreign currencies. The DXY as it is known is threatening to break below 90 a level it has not been at since late 2014. Whats driving this renewed USD weakness is a very difficult thing to determine but it could be a range of factors including higher commodities prices and accelerating growth in Europe and Japan following a period of stagnation or flat growth.
New motor vehicle sales are due at 11.30am and have been very strong of late, so probably expect more of the same – however the figure has little impact on the AUD generally. UK CPI is at 8.30pm which could impact AUD/GBP which has gone on a nice little run higher since early December.
AUD EXCHANGE RATES:
AUD/USD – 0.7968
AUD/GBP – 0.5774
AUD/EUR – 0.6493
AUD/NZD – 1.0911
AUD/JPY – 88.052
COMMODITIES:
Gold – A$1682/oz
Silver – A$21.86/oz
WTI – US$64.72/barrel
DATA RELEASES TODAY:
AUD – New Motor Vehicle Sales at 11.30am
GBP – CPI at 8.30pm
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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