RBA Assistant Governor’s Debelle and Bullock talked the Aussie dollar down Friday afternoon in a scene akin to negotiators talking a would be jumper off a ledge on the 25th floor. The RBA certainly have made it clear they do not feel comfortable with the Aussie dollar so high and it’s reasonably clear as to why this is – a weak Aussie dollar supports two of our biggest exports, that being raw commodities and education. But there is only so much the RBA can do and resurgent commodities prices led by iron ore are typically very AUD bullish. In addition you have a hell of a lot of USD weakness as a result of the lame duck President in the U.S who has continued to fail to deliver any substantial or positive reforms which he promised in abundance to the American people leading up to last years November elections.
With conflicting estimates and forecasts coming out of the various banks it’s becoming more and more difficult to determine where the Aussie might be in a week let alone a month. And with that said all I can suggest is taking advantage of rates as they hover around 2 year highs. Good luck.
AUD EXCHANGE RATES:
AUD/USD – 0.7908
AUD/GBP – 0.6084
AUD/EUR – 0.6776
AUD/NZD – 1.0616
AUD/JPY – 87.917
DATA RELEASES TODAY:
None.
***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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