• Dec 30, 2020
    • 1 min read

31st December 2020 - AUD hits highest level since April 2018


Good Morning,


Market Headlines

- All three major U.S. stock averages higher

- US Dollar sinks to lowest since April 2018

- GBP/USD prints fresh 2020 highs in the 1.3620

- Stimulus check negotiations continue in Washington

- Commodities: Crude +0.68%, Copper -0.3%, Iron ore +0.61% Gold $1891/oz.


Currency

AUD/USD: 0.7646 – 0.7686 (highest since April 2018)

EUR/USD: 1.2253 – 1.2310

GBP/USD: 1.3530 – 1.3619

USD/JPY: 102.97 – 103.38

USD/CAD: 1.2750 – 1.2807

NZD/USD: 0.7176 – 0.7213

AUD/JPY: 78.91 – 79.39

AUD/NZD: 1.0654 –1.0675


AUD Thoughts

The AUD/USD pair rose further during the American session and climbed to 0.7685, the highest since April 2018. As of writing, it remains near the top, holding a strong bullish tone supported by risk appetite and a weak US dollar.


Recent developments regarding the AstraZeneca/Oxford vaccine offset Senate Majority Leader Mitch McConnell's rejection of the new coronavirus stimulus plan. Main US stock indexes are heading toward another record close. Economic data from the US came in mixed and was mostly ignored by market participants. Home sales dropped 2.6% in November against expectations of a flat reading.


Expecting offers from 0.7700 and bids from the 0.7600/10 recent lows. Given the lightened liquidity, it wouldn’t surprise to see a break to the topside.


Event Risk Data Today

US – weekly jobless claims


Thank you for your readership and support throughout the year, look forward to working with you in 2021, Happy New Year.

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