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Currency Update, December 11th 2020

Updated: Jan 24, 2022

The Australian Dollar on the move!

AUD/USD broke above 0.7500 for the first time since June 2018 earlier on during Thursday's session. After touching 0.70c at the start of November, the AUD has climbed over 7% in the past 6 weeks to claim a two and a half year high.

Continuing weakness in the USD coupled with a strong night in commodities has seen the AUD move up over 1.3% overnight alone. Oil prices moved up over 3% with Iron Ore and Copper also moving approx 1.8% which saw the AUD gain traction off the back of this to climb overnight.

Dollar Chart

The Pound collapses after no deal Brexit talks.

The GBP fell over 2% against the AUD overnight as the outcome of a no deal Brexit again was raised with PM Boris Johnson, his key points after his meeting with European Commission President Ursula von der Leyen

“I do think that we need to be very, very clear there’s now a strong possibility, a strong possibility, that we will have a solution that’s much more like an Australian relationship with the EU, than a Canadian relationship with the EU”

The GBP fell to 1.76 overnight, approaching the lows we seen in the middle of September in the biggest one day fall this year.

Dollar Chart

Please get in touch if there is anything I can assist with before the Xmas break. With rates being at multi year highs, this is when sometimes looking at Forward Contracts may give you some security moving forward. If you would like to discuss, please call or email me and I'll be happy to look at all options with you.

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