The Australian dollar’s daily rate in the Reserve Bank of Australia (RBA) table rose Oct. 28, while FXStreet reported that United Overseas Bank (UOB) strategists saw room for a test of 0.7060 against the U.S. dollar.
The RBA listed US$0.7034 per A$1 for Oct. 28, up from US$0.7021 on Oct. 27. That daily reference rate is distinct from an intraday market high or a daily close.
Investing.com’s historical table recorded an Oct. 28 AUD/USD high of 0.7055, a low of 0.7024 and a close of 0.7031; it does not give exact times or a time zone for those observations. AUD/USD indicates how many U.S. dollars one Australian dollar buys.
FXStreet attributed its reported outlook to UOB strategists Quek Ser Leang and Lee Sue Ann. Their 24-hour assessment, according to the outlet, allowed for a test of 0.7060, with support at 0.7020 and 0.7070 considered unlikely in that period.
For the following one to three weeks, FXStreet said the strategists treated a fall below 0.6995 as a signal that the prospect of 0.7070 had weakened. The outlet’s account also put the pair in a 0.7010-to-0.7040 range in the prior session, with a 0.7025 close and 0.12% gain. Investing.com lists the Oct. 27 close as 0.7026, one pip above FXStreet’s figure; the sources provide no common cutoff details to explain the difference.
The Australian Bureau of Statistics (ABS) released September consumer price data at 8:30 p.m. ET Oct. 27 (00:30 UTC Oct. 28). Annual inflation rose to 4.3% from 4.0% in August, while annual trimmed mean inflation increased to 3.6% from a revised 3.5%.
EconoTimes previously covered the Australian dollar holding above 70 U.S. cents ahead of the September inflation release.
The RBA’s cash-rate target is 4.60%, effective Sept. 30. Its next policy decision is scheduled for 10:30 p.m. ET Nov. 2 (03:30 UTC Nov. 3). The ABS lists its next monthly consumer price index release for Nov. 25.
