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
| United Kingdom – | Core Retail Sales (YoY) (Jul) | ||||
| Retail Sales (MoM) (Jul) | |||||
| Canada – | Core Retail Sales (MoM) (Jun) | ||||
Macro Report
The Dollar Index (DXY) has surged to a one-month high, rising 0.85% overnight despite softer Treasury Yields. Although the release of the Fed’s July Meeting Minutes leaned towards the dovish side, it failed to dent the US dollar as it remained firm against other major currencies.
The strong US Dollar continues to weigh on the Aussie dollar. Additionally, the disappointing jobs report sent the Aussie dollar tumbling and government bond yields lower. An unexpected reduction of 40.9 thousand jobs, well above the predicted 25.0 thousand, heavily pressured the AUD. The heatwave in China, prompting additional factory closures, has further weighed on the already fragile sentiment in the Asia-Pacific region.
The AUD/USD currency pair closed at 0.6914, falling 0.27% but has now retreated to the 0.6901 level at the time of writing.
Commodities-wise, gold prices weakened on the strengthening US dollar and fell 0.21% in a single day, settling at the $1,758.47USD per ounce level.
AUD/USD Daily Chart
DXY (USD INDEX) Daily Chart
Major Global Markets
| Currencies | Level | Change (%) |
| AUD/USD | 0.6901 | -0.23 |
| AUD/JPY | 94.0680 | 0.10 |
| AUD/CNH | 4.6953 | -0.07 |
| DXY | 107.6530 | 0.16 |
| Rates | Yield (%) | Change |
| US 10 Year | 2.88 | 0.058 |
| Aus 10 Year | 3.31 | 0.07 |
| Equities | Level | Change (%) |
| S&P 500 | 4,283.74 | 0.23 |
| NASDAQ | 12,965.34 | 0.21 |
| ASX 200 | 7,112.78 | -0.21 |
| Commodities | Level | Change (%) |
| Iron Ore | 105.51 | -4.18 |
| Gold | 1,770.80 | -0.02 |
| Brent Crude oil | 96.59 | 3.14 |