Send Payments International Currency Update 26th August 2024

In the news! 🌏 – Market conditions and what to look out for this week 🗓️

AUD/USD 

• Fed Chair Jerome Powell said the "time has come" for interest rate cuts.

• The US Dollar (USD) will likely remain under pressure after US Federal Reserve Chairman Jerome Powell’s dovish Jackson Hole speech. 

• The US Durable Goods Orders for July are due later on Monday.

The latest Send Payments International Currency Market Update provides an in-depth exploration of the movements seen in major currencies, including the USD, GBP, CNY, NZD, and JPY. It examines the key events that have significantly impacted the values of each of these currencies. Additionally, the report highlights what to watch in the media and financial sectors throughout this week, ensuring that readers stay informed about potential market shifts and developments.

Send Payments Weekly Trading Update. In The News 🌏 Market Conditions and What to look out for this Week 🗓️

AUD: Under Pressure – Commerzbank

• The Australian Dollar (AUD) is under significant pressure, losing about 0.7% against the US Dollar (USD), according to Commerzbank’s FX analyst Volkmar Baur.

• The AUD was affected by lower-than-expected inflation, which has reduced expectations for further rate hikes by the Reserve Bank of Australia (RBA). The RBA are due to announce Australia’s interest rate on Tuesday at 2:30pm, there is no expected change.

• The AUD's strong reaction also seems tied to ongoing economic weakness in China, Australia’s largest trading partner. Weakness in China, especially in the housing market, could impact Australian exports and thus the currency.

Send Currency Update 15th July 2024
In The News! 🌏

Market Conditions and What to look out for this week 🗓️

• AUD Outlook and Market Performance

• Rabobank is predicting continued outperformance for the Australian Dollar (AUD).

• Rabobank anticipates the RBA raising interest rates twice in 2024, in August and November, to combat persistent domestic inflation.

• Jane Foley, Senior FX Strategist at Rabobank, stated, "Most recent Australian economic data have cemented our expectations for further rate hikes this cycle."

Send Payments Weekly trading update on 5th March 2024!

Thank you Ian Cragg and the Send Payments Team for sharing the “Send Payments Weekly trading update!” With THE EXPATRIATE Community.

In The News Yesterday! 🌏

– Market Conditions and what’s in the calendar 🗓️

Economic Data Snapshot:

January building approvals in Australia fell below expectations.

Q4 inventories slumped, raising concerns about the potential impact on Q4 economic growth.

Despite a surge in company profits, the inventory number poses a challenge for the upcoming GDP report.

The AUD has faced downward pressure against different currencies, impacted by factors such as safe-haven demand, economic data, risk aversion, and monetary policy outlook. This situation is not likely to improve anytime soon, which means that AUD is likely to remain weak for the time being.

Currency Update 9th August by Send Payments - Ian Cragg

THE EXPATRIATE International Currency Update by our Specialist Ian Cragg from Send Payments.

The AUD had a mixed week against major currencies. It started the week on a strong note with the RBA hiking rates by 50bps. However, market sentiment quickly shifted and the AUD fell after it was clear that the RBA was moving to a more dovish policy stance. This was compounded by a strong USD, which led to a flight to safety and away from risk currencies like the AUD.

Send Payments Currency Update - 2nd August.

For the most part, the AUD had a good week against other major currency pairs. It gained some ground against the USD, EUR and NZD while losing some ground to the GBP. The overall trend seems to be in favor of the AUD for now, but as the recession materializes, investors may switch to risk off positions soon, which could trigger a market correction. In any case, it's worth keeping an eye on the AUD in the coming weeks.

Send Currency Update 21st June

The AUD had a roller coaster of a week against almost all major currencies. Risk sentiment kept the AUD pinned down in spite of overwhelmingly positive jobs data for May. With no light at the end of the tunnel, the investors are making a rush for safe-haven currencies.

Send Payments Currency Update

The US Dollar has been the main beneficiary of safe-haven flows this week as geopolitical tensions in Europe continue to escalate. The ongoing war in Ukraine and the resurgence of COVID-19 cases in China have made investors jittery, prompting them to seek refuge in the greenback.