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 – Cash rate (0.10% expected)
Singapore – Retail Sales (5.6% YoY expected)
South Korea – CPI (4.1% YoY)
Macro Report
With headlines in Ukraine suggesting that civilians were potentially executed, this has less to call from EU members, mainly French President Macron calling for further sanctions against Russia. This would be done via the banning of Russian oil and coal.
Western countries such as the UK and US echoed these comments with the President Biden calling for a potential war crimes trial. This negative sentiment sent rates lower overnight with oil prices surfacing above $100/barrel once again.
However, this was not able to dampen the equity markets which has rallied again (NASDAQ up 2%), particularly Twitter (up 27%) as Elon Musk bought close to 10% share of the company. The rest of the equities followed the march higher to be a sea of green.
USD found a bid tone again however the commodity currencies have proven to remain strong as we saw a rally in AUD and NZD respectively. With the focus today being on the RBA rate decision, the market is looking for a hawkish tone from the Governor to support the currency further.
AUD/USD Daily Chart
DXY (USD INDEX) Daily
| Currencies | Level | Change (%) |
| AUD/USD | 0.7546 | 0.03 |
| AUD/JPY | 92.609 | -0.01 |
| AUD/CNH | 4.8087 | 0.01 |
| DXY | 99.0000 | 0.37 |
| Rates | Yield (%) | Change (%) |
| US 10 Year | 2.395 | 0.01 |
| Aus 10 year | 2.84 | -0.05 |
| Equities | Level | Change (%) |
| S&P 500 | 4583 | 0.81 |
| NASDAQ | 15160 | 2.01 |
| ASX 200 | 7514 | 0.27 |
| Commodities | Level | Change (%) |
| Iron Ore | 142.49 | 0.18 |
| Gold | 1933.08 | 0.02 |
| Brent Crude oil | 107.53 | 3.01 |