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23/09/2021 Thursday


  • USD Crude Oil Inventory: prev. -6.4M
  • USD FOMC Economic Projections
  • USD FOMC Statement
  • USD Federal Funds Rate
  • USD FOMC Press Conference
  • CNF SNB Monetary Policy Assessment
  • EUR German Flash Manufacturing PMI: Exp. 61.3
  • EUR German Flash Service PMI: Exp. 60.3
  • CAD Core Retail Sales m/m: Exp. 2.7%
  • CAD Retail Sales m/m: Exp. 2.5%
  • USD Unemployment Claims: Exp. 317K
  • USD Flash Manufacturing PMI: Exp. 61.1
  • USD Flash Service PMI: Exp. 55.1


The Aussie Dollar


Early this morning the US FOMC met and announced they will be leaving the Federal Funds rate unchanged, which was no surprise. The AUD spiked before the FOMC meeting before closing flat for the session.


The outcome of Wednesday’s two-day Federal Open Market Committee meeting was hawkish. However, risk assets (such as the AUD) initially rallied on the statement, potentially owing to the signs that the corporate debt problem in China will be contained and isolated to China.


Regarding the Evergrande crises, the Chinese central bank injected cash into the banking system, temporarily soothing fears of imminent contagion from the debt-laden property developer. It was announced it had agreed to settle interest payments on a domestic bond on Wednesday.


Additionally, the FOMC chair Powell said China’s corporate debt problem can draw no parallels to the US and he feels that it is an isolated problem for China and that there is no direct exposure to the US. This can give some comfort to the US economy, but as this crisis continues to develop, it will be interesting to see how this will continue to affect the Asian economic environment.


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AUD/USD Daily Chart

Major Global Markets

  • Stocks
    • S&P 500 closed at 4395
    • NASDAQ closed at 15197
    • ASX 200 closed at 7241
  • Currencies
    • AUD/JPY – At the time of writing this report trades at 79.46
    • AUD/CNH – At the time of writing this report trades at 4.6794
    • DXY (US Dollar Index) – At the time of writing this report trades 93.439
    • AUD/EUR – At the time of writing this report trades 0.6190
  • Bonds
    • US 10-year Bonds remains flat at 1.304%
  • Commodities
    • Iron Ore – Trading at USD/T 120.7
    • Gold – trading at USD/OZ 1767
    • Brent Crude Oil – Trading at USD/Bbl 75.86