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AUD back in the rage

Published March 12, 2019

By Nicholas Cork

Back at the desk after a long weekend for most of Australia, cheered by the fact that AUD has once again dug deep and held above 70 cents, although the catalyst for the AUD bounce was no doubt the weaker US employment data last Friday and not AUD strength.

The US data turned the USD index sharply lower after a week of daily gains which had consequently sent the USD to test 18 month highs, thus the failure at those levels has helped the AUD form a base at 70 cents and continue to range-trade.

This afternoon Deputy Governor DeBelle is speaking just after the local market closes. Gaining some headlines locally is the return to strike action for better wages from the likes of Telstra employees and also Chemist Warehouse employees. No news on Us China trade at the moment and talk that North Korea is rebuilding its missile site will add some confusion to the mix. Comment of the week comes from Nancy Pelosi when asked on impeaching President Trump: ‘He’s just not worth it’…

AUD looks likely to grind higher towards 0.7150 again, AUD crosses mostly higher to start today.

AUDUSD and USD index (inverted) in sync