Finport Currency Brief - Courtesy of Compass Global Markets.
Despite the solid support the AU$ appears to enjoy against the US$ around these levels, having bounced around in a 0.0170 point range for the whole of November, the local currency is suffering versus the other majors. EuroUS$ is up 0.0400 points and GBPUS$ is up 0.0500, respectively since the start of the month, meaning a solid up turn in expense for those those importing from either side of the British Channel - when those moves are calculated as EuroAU$ and GBPAU$.
The outlook against the US$ is still favourable however, with the likely hood of our Reserve Bank holding interest rates another 6 months, whilst the US Federal Reserve's expected interest rate hike in a fortnight is largely priced in to today's exchange rate.
I'd expect these current levels to hold for the next couple of business days, as we wait for the RBA meet on Tuesday and a flood of major economic data later next week. Those numbers ought to see a belated AU$US$ take off and should also result in a pull back in AU$ versus the European crosses; therefore some respite for those with invoices to pay.
Call me to discuss target levels.
Have a great weekend.
M: 0415 066 468
AUDUSD for November
AUDEUR for November
AUDGBP for November
Mob: 0415 066 468