AUD to USD
The Australian Dollar has reached a 10 day high of 0.7665 this morning after spending the past 7-9 days just above 0.76c. This come after a large drop from late February after touching 0.80c for a day.
It has started to consolidate and now looks for a potential push higher again, finding a base at around 0.7580, which was also the low at the beginning of February this year.
The economic data out of the US has been positive in the past week however not enough to turn the USD around as the continuing printing of money has seen US weakness and less demand for the greenback helping the AUD claim back some of its recent losses.
AUD to NZD
The Aussie and Kiwi continue to see-saw back and forth, however the past few months has seen the AUD push a little higher, with two steps forward then one back, seeing the rates fluctuate between $1.06-$1.09 since January, and recent movement has seen the AUD sit toward the higher end of the scale, moving between $1.08-$1.09 in recent weeks, the highest areas we have seen since September 2020.
Even with New Zealand's dairy prices surging 36% since November the currency has not taken advantage of that against the Australian dollar like it has the rest of the currencies. Yesterday's travel bubble announcement was great news and the NZ economy will hope to see a lift in tourism in the coming months, all things going well.
The main event of the week in New Zealand will be the release of the latest ANZ Business Confidence for the month of April on Thursday, a timely update on the state of the kiwi economy.
GBP to AUD
The GBP continues to hover around the $1.80 mark again, seeing a 0.7% sell off overnight, when the market was originally looking for a positive move for the GBP when lockdown restrictions eased and Stage two of its re-opening planned was announced.
Since January each time the GBP does climb, it seems to see a sell off and come back to this 1.80 mark, regardless of good or bad economic news, talks of the economic recovery seemed to have fuelled the moves in the pound, however its still been unable to push off from this mark. Profit taking and position adjustment from the major banks seems to be the most likely reason for this most recent drop, as the fundamental analysis doesn't seem to explain the fall.