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Key Data Being Released Today
| United Kingdom | – | CPI (YoY) (Sep) | ||||
| PPI Input (MoM) (Sep) | ||||||
| Eurozone | – | CPI (YoY) (Sep) | ||||
| United States | – | Building Permits (Sep) | ||||
Macro Report
The RBA published its minutes from its October meeting yesterday, with many expecting the board to be less hawkish or even provide dovish forward guidance following the unexpected 25-basis point rise earlier this month. However, the board reasoned that slowly adjusting interest rates would allow the RBA to “assess the effects of the significant increases in interest rates” and “the evolving economic outlook”. Deputy Governor Michele Bullock also justified the 25-basis point hike by sharing that the board meets more frequently in contrast to most peers, allowing the RBA to be uniquely positioned with the ability to achieve similar tightening with smaller individual rate hikes.
Although comments from the RBA minutes managed to prop up the Aussie dollar to above the 0.6300 level, it appears to be stuck around a tight range.
Tomorrow’s release of new Aussie employment data may offer fresh momentum for the AUD/USD currency pair, with employment expected to increase for the second consecutive month. The forecasted 25k jobs to be added in September might keep the Aussie dollar afloat, but this could be short-lived given the Fed’s more aggressive hiking cycle and the release of key US data including tomorrow’s Philly Fed Index and the Initial and Continuing Jobless Claims.
AUD/USD Daily Chart
DXY (USD INDEX) Daily Chart
Major Global Markets
| Currencies | Level | Change (%) | |
| AUD/USD | 0.6322 | 0.21 | |
| AUD/JPY | 94.2860 | 0.13 | |
| AUD/CNH | 4.5592 | 0.15 | |
| DXY | 112.1300 | 0.08 | |
| Rates | Yield (%) | Change | |
| US 10 Year | 4.01 | -0.009 | |
| Aus 10 Year | 3.94 | 0.042 | |
| Equities | Level | Change (%) | |
| S&P 500 | 3,719.98 | 1.14 | |
| NASDAQ | 10,772.40 | 0.90 | |
| ASX 200 | 6,779.20 | 1.72 | |
| Commodities | Level | Change (%) | |
| Iron Ore | 94.93 | -1.04 | |
| Gold | 1,657.70 | 0.11 | |
| Brent Crude oil | 90.03 | -1.74 |