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
| Australia – | Trade Balance (Aug) | |||
| United Kingdom – | Construction PMI (Sep) | |||
| Eurozone – | Retail Sales (MoM) (Aug) | |||
| ECB Publishes Account of Monetary Policy Meeting | ||||
| United States – | Initial Jobless Claims | |||
Macro Report
The risk-on sentiment that had reigned over markets the previous day somewhat faded over night.
A hot ISM print, beating expectations, led to a ‘good news is bad news impression and set the tone for weaker markets commencing with US equities. This represented a shift in the recent narrative of a potential Fed pivot.
OPEC+ also met overnight, deciding to cut oil production by 2 million of barrels per day. This continued to push oil higher, up by another 1.7% and 7% over the past week.
Major currencies were mixed against the US dollar, the Euro fell further away from near parity. The Aussie dollar fell from highs near US65.20 cents to lows near US64.15 cents and was near US65.00 cents at the US close.
Coming up today, Australia will get trade balance figures. Overnight markets will be watching the weekly US jobless claims. Also of note will be several Fed members who are due to speak, including Evans, Cook. Waller and Mester.
AUD/USD Daily Chart
DXY (USD INDEX) Daily Chart
Major Global Markets
| Currencies | Level | Change (%) |
| AUD/USD | 0.649 | 0.06 |
| AUD/JPY | 93.81 | 0.00 |
| AUD/CNH | 4.5887 | 0.11 |
| DXY | 111.21 | 1.04 |
| Rates | Yield (%) | Change |
| US 10 Year | 3.7590 | 0.142 |
| Aus 10 year | 3.784 | -0.006 |
| Equities | Level | Change (%) |
| S&P 500 | 3783 | -0.20 |
| NASDAQ | 11149 | -0.25 |
| ASX 200 | 6816 | 1.74 |
| Commodities | Level | Change (%) |
| Iron Ore | 95.26 | 0.05 |
| Gold | 1720 | -0.56 |
| Brent Crude oil | 93.7 | 1.7 |