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CAFX Market Update 08/09/2022

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.
If you have any questions or would like anything further explained, please don’t hesitate to reach out to your account manager or email info@cafx.com

Key Data Being Released Today


Japan                        – GDP (QoQ) (Q2)
Australia                  – Trade Balance (Jul)
Eurozone                – ECB Interest Rate Decision
United States         – Initial Jobless Claims

Macro Report

The US dollars recent assent, which was continuing during Asian trading hours yesterday, took a breather overnight.  Helping in the shift in sentiment was a move lower in global yields, appearing to be initiated by UK gilts.

Equity markets followed the lead and ended their recent poor running with somewhat of a bear-market rally.

Currencies were mostly firmer against the greenback, the Aussie dollar lifted from lows near US66.98 cents to highs near US67.68 cents and was near US67.65 cents at the US close.  The Euro rose from lows near US$0.9875 to session highs near US$1.0010 at the US close.

Ahead today, RBA Governor Lowe will give a talk, the language closely followed for any clues on a slowing trajectory of future rate hikes.  Aussie trade balance and Japan GDP will also feature in the Asian hours.

In Europe, markets will await the ECB rate decision, where they are anticipated to hike rates by 50bps.  Rounding out the evening will be the US, where both Jobless Claims and a talk by Jerome Powell will be the key events.

AUD/USD Daily Chart

DXY (USD INDEX) Daily Chart

Major Global Markets 

Currencies Level Change (%)
AUD/USD 0.6764 -0.07
AUD/JPY 97.48 0.22
AUD/CNH 4.7067 -0.02
DXY 109.53 -0.65%
Rates Yield (%) Change
US 10 Year 3.2650 -0.075
Aus 10 year 3.646 -0.002
Equities Level Change (%)
S&P 500 3980 1.83
NASDAQ 11792 2.14
ASX 200 6729 -1.42
Commodities Level Change (%)
Iron Ore 96.8 -0.3
Gold 1729.2 1.69
Brent Crude oil 87.71 -5.52