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 States – | S&P Global Composite PMI (Jun) | ||
| Services PMI (Jun) | |||
Macro Report
The Aussie dollar has come under pressure after fears of an economic downturn and crumbling risk sentiment causing commodities to slide and the dollar to jump. Amid the wave of risk aversion, the demand for safe havens boosted Treasuries and pushed the dollar gauge to the highest level in more than two years.
Commodity prices were hammered, with oil losing more than 9%, copper down 5% to almost make a two-year low, while gold fell more than 2%, crushed below the $1800USD per ounce level.
The US dollar rose strongly on the defensive mood against all the undollars, with Euro and Pound Sterling plunging to new lows, while the Aussie dollar returned to below the 68 handle, despite yesterday’s RBA rate hike of 50-basis points. The AUD/USD pair has slightly recovered after yesterday’s tumble of more than 100-pips. Although the cash rate lifted to 1.35% as expected, it wasn’t enough to overcome a dampened sentiment spurred by the stagflation economic outlook causing the AUD/USD pair to plummet.
AUD/USD Daily Chart
DXY (USD INDEX) Daily Chart
Major Global Markets
| Currencies | Level | Change (%) |
| AUD/USD | 0.6793 | -0.13 |
| AUD/JPY | 92.0580 | -0.37 |
| AUD/CNH | 4.5524 | -0.07 |
| DXY | 106.5350 | 1.33 |
| Rates | Yield (%) | Change |
| US 10 Year | 2.805 | -0.089 |
| Aus 10 year | 3.427 | -0.128 |
| Equities | Level | Change (%) |
| S&P 500 | 3831.39 | 0.16 |
| NASDAQ | 11322.24 | 1.75 |
| ASX 200 | 6629.30 | 0.25 |
| Commodities | Level | Change (%) |
| Iron Ore | 113.61 | -0.73 |
| Gold | 1768.30 | 0.20 |
| Brent Crude oil | 100.94 | 1.43 |