The US dollar was the top performer this week, edging out the surprisingly strong euro. The Canadian and Australian dollars were the laggards.
FX performance this week vs USD
Taking a look at the AUD/USD weekly chart, the pair touched the lowest in two months after failing to break 0.9500 again last week.
AUDUSD weekly
I don’t see much scope for a rebound. The RBA meets on August 5 and that will be the main event in the week ahead along with the Aussie retail sales report.
Look for some jawboning and a fall to the 55-week moving average near 0.9200.
