Weekly FX Update
20 April 2026
“Markets Take a Breather”
After several weeks of volatility, markets are showing signs of stabilising.
This doesn’t mean risk has disappeared — far from it — but rather that investors are pausing to reassess.
Think of it like a marathon runner slowing down for water… not stopping, just catching breath before the next push.
What’s Driving Markets This Week
- USD still in control — strong US data continues to support the dollar
- Oil behaving (for now) — holding steady, giving markets a bit of breathing room
- Markets calmer… but not relaxed — like a coiled spring waiting for the next headline
What’s Happening
Markets are starting the week relatively calm, which in today’s environment almost feels unusual.
The US dollar remains firm, supported by solid economic data and expectations that interest rates may stay higher for longer.
The Australian dollar is holding around the 0.70 level, but continues to struggle to push higher — it’s trying, just not quite convincingly.
Overall, markets are in a “wait and see” mode, watching upcoming US data and any geopolitical surprises.
Key Exchange Rates (approx.)
| Pair | Level | |
| AUD/USD | ~0.70 | |
| AUD/EUR | ~0.61 | |
| AUD/GBP | ~0.53 | |
| AUD/JPY | ~111 | |
| AUD/NZD | ~1.19 | |
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(In other words: same range, different week.)
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Commodities Snapshot
| • Oil: around $95–$100/bbl (not cheap, but not shocking either) • Gold: around $5,000–$5,100 (still the “just in case” asset) • Iron Ore: around $100/t (quietly doing its job supporting AUD) |
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Key Economic Events This Week (Sydney Time)
| Day | Date | Time | Event | Why It Matters |
| Wednesday | 23 Apr | 11:30 PM | US PMI Data | Early signal of economic activity |
| Thursday | 24 Apr | 11:30 PM | US Jobless Claims | Labour market strength |
| Friday | 25 Apr | 11:30 PM | US Consumer Sentiment | Confidence and spending outlook |
AUD Outlook
The Australian dollar is expected to trade within a 0.69 – 0.71 range this week.
Key drivers:
- US data (still the main event)
• Commodity prices
• Global sentiment
Quick Take
👉 USD strong
👉 AUD steady but capped
👉 Markets calm… suspiciously calm
Light Market Humour (because why not)
- The AUD tried to rally last week… then remembered the USD exists.
- Oil prices: “I’ll stay here for now… but don’t get too comfortable.”
- Markets right now: “Nothing is happening… which probably means something is about to happen.”