Australian Dollar
Expected Range 0.7350 – 0.7450
The AUD performed strongly against the USD yesterday up almost half a cent from yesterday’s open. Monday’s open saw the AUD start strongly up 30 points from Fridays close after the latest polling suggested that the UK was likely to remain in the Eurozone after the vote on Thursday. As the concerns over the Eurozone reduce the AUD was able to hit intraday highs of 0.7480 after also being supported by a positive move in oil prices. Looking through today the main release will be that of the monetary policy meeting minutes which are out this morning with the market looking for any indication of the next interest rate move. The AUD is currently buying 74.62 US cents.
New Zealand Dollar
Expected Range 0.7000 – 0.7200
The New Zealand Dollar continued its strong run against the USD hitting a high of 0.7130 before closing the day at 0.7117. The New Zealand dollar is up 3 cents since the beginning of June supported by some strong local data and the easing of concerns about the UK’s upcoming vote on if they should leave the Eurozone. With no local data out today the focus will be on commodity prices and continuing speculation around the vote.
Great British Pound
Expected Range 1.9500 – 1.9850
The British Pound had a good day yesterday following on from reports that the “remain” side of the vote was likely to be the winner of the vote on Thursday and reducing concerns over what would happen if they left the Eurozone. After the starting the day purchasing 1.9470 AUD the GBP finished the day purchasing 1.9680. Expect continued speculation around the vote to continue over the next couple of days and potentially with that a bit of volatility. The GBP is currently buying 1.4672 USD and 2.0622 NZD.
Majors
Expected Range N/A
The Euro has struggled in recent days with concerns that over the European Central Banks ability to stimulate the Eurozone and the speculation around whether or not the UK will move away from the Eurozone. There Euro lost ground against the GBP yesterday after speculation that the UK would stay with the GBP/EUR rate having an intraday low of 1.2765 before ending the day at 1.2960. It was a fairly quiet day out of the US losing a small amount of ground against most major currencies the main focus for the US will be the Federal Reserve Chair Yellen testifying before the senate banking committee tonight.