Welcome to our daily market update where we help keep you informed on the latest happenings in the world of FX and show you what this means for the Mighty Aussie Dollar.
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Key Data Being Released Today
Japan – Rate Decision (-0.1% expected)
Malaysia – Trade Balance (19.75b expected)
Macro Report
There doesn’t appear to be any de-escalation in the Russian/Ukrainian war at the moment as the Kremlin was reportedly blaming Ukraine for slowing down the negotiations. However, those negotiations were ongoing providing the market a slither of hope still.
A meeting between U.S. President Biden and Chinese President Jinping is taking place today with the Biden’s agenda like to encourage China to convince Russia to stop the war and not provide any support (financial and/or supplies) despite the fact the U.S. is now supplying the same things to Ukraine.
In other news, the Bank of England raised rates by 0.25% to 0.75% as expected however, it was more of a dovish hike with the committee acknowledging that there are risks particularly to growth and employment. This dovish hike sent GBPUSD lower by 100 pips at the peak with the front end of the yield curve also shifting lower too.
Commodities have made a rebound with oil comfortably sitting above $100/barrel once again and Gold 1.5% higher in the session as well.
In currencies, market continues to sell USD with the AUDUSD the real outperformer reaching a high of 0.7393 overnight. USD appetite continues to trade softly FOMC and with the market shock of the war slowly dissipating the rush to safe haven currencies continues to be weak.
AUD/USD Daily Chart
DXY (USD INDEX) Daily
Major Global Markets
| Currencies | Level | Change (%) |
| AUD/USD | 0.7376 | -0.01 |
| AUD/JPY | 87.482 | 0.00 |
| AUD/CNH | 4.694 | -0.00 |
| DXY | 98.0280 | -0.60 |
| Rates | Yield (%) | Change (%) |
| US 10 Year | 2.171 | -0.01 |
| Aus 10 year | 2.61 | 0.04 |
| Equities | Level | Change (%) |
| S&P 500 | 4412 | 1.23 |
| NASDAQ | 14119 | 1.16 |
| ASX 200 | 7251 | 1.05 |
| Commodities | Level | Change (%) |
| Iron Ore | 128.01 | -3.87 |
| Gold | 1942.93 | 0.02 |
| Brent Crude oil | 106.92 | 9.08 |