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 – | RBA Meeting Minutes | ||||
| United States – | Building Permits (Jun) | ||||
| Housing Starts (MoM) (Jun) | |||||
Macro Report
In the absence of any major economic news, Euro lifted above the 1.01 level while the Aussie dollar also managed to cross above the 68-cent level ahead of the anticipated Reserve Bank of Australia (RBA) meeting minutes. The pleasing US retail sales data released last Friday has improved market sentiment, as data indicating strong consumer spending despite higher inflation has boosted the Aussie dollar.
US equities retreated overnight as stock optimism faded. S&P 500 fell 32 points to 3,830, and the Nasdaq Composite dropped 92 points to 11,360.
Commodity prices remain volatile, with Brent recovering slightly, increasing 2%, and now sitting above the $105USD per barrel level. However, we saw gold struggle once again, dropping back to the $1708USD per ounce level.
Today, the release of the RBA minutes will hopefully provide some clues as to how aggressive the RBA plans to be with its rate-tightening cycle, as it attempts to manage surging inflation without suffocating economic activity.
AUD/USD Daily Chart
DXY (USD INDEX) Daily Chart
Major Global Markets
| Currencies | Level | Change (%) |
| AUD/USD | 0.6807 | -0.07 |
| AUD/JPY | 94.0600 | -0.05 |
| AUD/CNH | 4.6017 | -0.06 |
| DXY | 107.3660 | -0.64 |
| Rates | Yield (%) | Change |
| US 10 Year | 2.99 | 0.068 |
| Aus 10 year | 3.49 | 0.055 |
| Equities | Level | Change (%) |
| S&P 500 | 3830.85 | -0.84 |
| NASDAQ | 11360.05 | -0.81 |
| ASX 200 | 6687.10 | 1.23 |
| Commodities | Level | Change (%) |
| Iron Ore | 100.50 | -4.29 |
| Gold | 1708.16 | -0.06 |
| Brent Crude oil | 106.27 | 5.05 |