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
| Japan – | Services PMI | |||
Macro Report
The Aussie dollar continues to plunge further on market risk aversion and a robust US dollar. With risk sentiment weighing on the Aussie dollar, the AUD/USD currency pair pierced the 0.66 critical level during last week’s trading and continues moving toward the 0.65 level. The US Dollar Index (DXY) continues to dominate in the currency space, still sustaining strong momentum on post-fed gains. The DXY reached its highest level in over two decades last week, and is trading at 113.0430 at the latest.
Amid the current environment of weaker Chinese yuan and struggling equities, the Aussie dollar favours a bearish atmosphere.
Commodities-wise, we see the US dollar and higher interest rates working against Gold as it nears the $1600USD per ounce level. The oil market is also currently built on bearish signals, with Brent tumbling to below the $90USD per barrel level on global recession fears.
On the economic docket for the last week of September, we kick off with Japan’s service PMI. Later in the week, we have consumer-related reports and Gross domestic product (GDP) revisions for the US and UK.
AUD/USD Daily Chart
DXY (USD INDEX) Daily Chart
Major Global Markets
| Currencies | Level | Change (%) |
| AUD/USD | 0.6523 | -0.08 |
| AUD/JPY | 93.6380 | 0.05 |
| AUD/CNH | 4.6504 | 0.08 |
| DXY | 113.0430 | -0.13 |
| Rates | Yield (%) | Change |
| US 10 Year | 3.68 | -0.28 |
| Aus 10 Year | 3.90 | -0.25 |
| Equities | Level | Change (%) |
| S&P 500 | 3,693.23 | -1.72 |
| NASDAQ | 10,867.93 | -1.80 |
| ASX 200 | 6,574.70 | -1.87 |
| Commodities | Level | Change (%) |
| Iron Ore | 98.89 | -10.19 |
| Gold | 1,651.90 | -0.22 |
| Brent Crude oil | 86.73 | 0.67 |