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Key Data Being Released Today
| Australia | – | GDP (QoQ) (Q3) | ||
| China | – | Exports (YoY) (Nov) | ||
| Imports (YoY) (Nov) | ||||
| Trade Balance (USD) (Nov) | ||||
| Eurozone | – | GDP (QoQ) (Q3) | ||
Macro Report
The AUD/USD pair initially appreciated following the Reserve Bank of Australia’s announced rate hike. Still, gains were reversed and the pair finished around the 0.66900 level. The RBA increased its official cash rate (OCR) by 25 basis points to 3.1% as expected yesterday, an anticipated event that seemingly created modest impact in terms of influencing the exchange rate. Governor Lowe’s accompanying statement was perceived as more hawkish than expected, suggesting there is still a more tightening ahead of us.
The US dollar holds firm above the 105.00 level, following yesterday’s 1.2% advance amidst a sell-off in risk-sensitive assets. A broad-based sell-off was also seen on Wall Street while recession fears resumed as hopes for a sooner Fed pivot away from aggressive rate hikes faded.
On the economic docket today; Aussie and Eurozone GDP, and China’s trade balance data.
AUD/USD Daily Chart
DXY (USD INDEX) Daily Chart
Major Global Markets
| Currencies | Level | Change (%) | |
| AUD/USD | 0.6686 | 0.01 | |
| AUD/JPY | 91.6380 | -0.02 | |
| AUD/CNH | 4.6649 | -0.06 | |
| DXY | 105.5830 | 0.28 | |
| Rates | Yield (%) | Change | |
| US 10 Yr | 3.52 | -1.83 | |
| Aus 10 Yr | 3.35 | -1.55 | |
| Equities | Level | Change (%) | |
| S&P 500 | 3,941.26 | -1.44 | |
| NASDAQ | 11,014.89 | -2.00 | |
| ASX 200 | 7,291.30 | -0.47 | |
| Commodities | Level | Change (%) | |
| Iron Ore | 107.68 | 0.22 | |
| Gold | 1,784.00 | 0.15 | |
| Brent Crude oil | 79.54 | -3.80 | |