OFX Daily Market News

Posted by OFX

AUD – Australian Dollar

The AUD upturn faltered through trade on Wednesday as risk sentiment shifted, and investors looked to haven assets. Extended global lockdowns, lower quarter end dividends and a shift in tone from President Trump all sparked the risk off shift forcing the AUD back below 0.61 to intraday lows at 0.6040. Having touched 17 year lows at 0.5510 in mid-March the AUD has enjoyed a sustained upturn, buoyed by improvements in investor confidence and easing market panic. Wednesday’s shift in risk sentiment highlights the AUD vulnerability as suggestions emerge the recent uptick was nothing more than a bear market bounce.

Direction will again be driven by ever changing coronavirus headlines and as the pandemics spread shows little signs