Australian Dollar US Dollar Exchange Rate Strong as AU Commodities Remain in Demand
While Australian economic data has been limited this week, the Australian Dollar US Dollar (AUD USD) exchange rate has still managed to triumph due to supportive commodity costs.
If you're looking to make an international money transfer, we recommend TorFX.
In the US, a run of poor domestic data has weighed on USD exchange rates.
Australian Dollar (AUD) Holds the Line as Commodity Prices Impress
In a recurrent trend this week, Australian Dollar (AUD) exchange rates have remained in a state of high demand on the back of commodity news. The key points have been that both coal and iron ore prices have remained supportively high.
Additional Australian news has also helped the ‘Aussie’ advance – Q3 inflation rate figures have risen above forecasts on the month and the year.
In the US, the ‘Buck’ has been having a harder time trading, with minor gains only coming as a result of declines for other currencies.
In addition to ongoing concerns about the cost of crude oil being exacerbated by stock predictions, the US Dollar has also been harmed by a recent drop-off in the CB consumer confidence figure for October, which has dropped below 100 points.
While Fed official Dennis Lockhart did make an anticipated speech, he failed to make any reference to monetary policy, thereby reducing the impact of his statements.
AUD USD Volatility Expected on Major Australian Data – RBA Interest Rate Decision Next Week
Near-term trading of the Australian Dollar US Dollar exchange rate is expected to remain largely consistent, given that only low-impact releases are due over the remainder of the week.
The only real spanner in the works could come from cost fluctuations for coal and iron ore.
Looking further ahead, November 1st will see the high-impact Reserve Bank of Australia (RBA) interest rate decision, although at the time of writing, this was only forecast to result in another rate freeze at 1.5%.
High-Impact US Ecostats to Include Goods Orders and GDP Figures This Week
Although a spate of US economic announcements are still due to come this week, only a few are expected to have a significant impact on the value of the US Dollar.
These will consist of tonight’s September durable goods orders, as well as Friday night’s employment cost index for Q2 and the Q3 GDP growth rate result.
A supportive rise in orders is forecast, the employment index is forecast to reprint at 0.6% and GDP has a potentially Dollar-boosting jump from 1.4% to 2.5% in store.
Recent Interbank Exchange Rates
At the time of writing, the Australian Dollar US Dollar (AUD USD) exchange rate was trending in the region of 0.76 and the US Dollar Australian Dollar (USD AUD) exchange rate was trending in the region of 1.30.