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Australian dollar daily update for 8th November 2017


The Australian dollar was weaker yesterday, and fell against most major peers. Despite the fact that the currency is looking oversold in the short-term, the Aussie has failed to meaningfully rebound. While the currency appeared to be rebounding last week, lower-than-expected retail sales have dragged the currency back down. Our medium-term outlook on the Australian dollar remains bearish.

AUD/USD is currently trading just below 0.7670. Looking at EUR/AUD, the pair is currently just below 1.5150. The GBP/AUD exchange rate is currently above 1.7130.   

This is another pretty light week for the Australian dollar. On Monday, TD Securities year-over-year inflation came in at 2.6% (vs. 2.5% previously). The RBA maintained its cash target rate at 1.5%. The AiG Performance of the Construction Index (53.2 vs. 54.7) was lower than the last print. On Thursday, we’ll see Home Loans figures. Finally on Friday, we’ll get a statement from the RBA on monetary policy. Last week, retail sales figures widely missed expectations.


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