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
| Eurozone – | German PPI (MoM) (Jun) | ||||
| Canada – | Core CPI (MoM) (Jun) | ||||
| China – | New Loans | ||||
Macro Report
US equities surged in a board-based rally; at the time of writing, the Nasdaq Composite lifted by 3.1% and the S&P 500 by 2.7%.
Oil prices also rebounded, with Brent pushing above the $107USD per barrel level.
The US dollar index (DXY) remains in retreat mode. The Aussie dollar rises for a third day, firming up following the Reserve Bank of Australia’s (RBA) hawkish monetary policy meeting minutes. Board members noted the resilience of the Australian economy, apparent through the strength of the labour market. With the unemployment rate, revealed last Thursday by the ABS, at 3.5%, against a forecasted print of 3.8% and a previous 3.9%, currently the lowest level in 48 years.
Looking ahead, the focus is on Australia’s CPI data due next Wednesday. In the March quarter, consumer prices rose by 5.1%, and the June quarter inflation figures are forecasted to show another sharp rise of 4.6%. Consumer prices will bring further clarity and act as the driving force to RBA’s August rate hike decision.
AUD/USD Daily Chart
DXY (USD INDEX) Daily Chart
Major Global Markets
| Currencies | Level | Change (%) |
| AUD/USD | 0.6900 | 0.04 |
| AUD/JPY | 95.3330 | 0.01 |
| AUD/CNH | 4.6496 | 1.07 |
| DXY | 106.6820 | -0.64 |
| Rates | Yield (%) | Change |
| US 10 Year | 3.02 | 0.039 |
| Aus 10 year | 3.50 | 0.079 |
| Equities | Level | Change (%) |
| S&P 500 | 3,936.69 | 2.76 |
| NASDAQ | 11,713.15 | 3.11 |
| ASX 200 | 6,649.60 | -0.56 |
| Commodities | Level | Change (%) |
| Iron Ore | 101.00 | 0.50 |
| Gold | 1,711.42 | -0.01 |
| Brent Crude oil | 107.35 | 1.02 |