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CAFX Market Update 09/09/2022

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

China                         – CPI (MoM) (Aug)
CPI (YoY) (Aug)
PPI (YoY) (Aug)

Macro Report

US equities finished higher despite Chair Jerome Powell’s hawkish comments. The S&P 500 increased 26.31 points or 0.66% to 4,006.18, advancing above 4,000 for the first time since late August. Meanwhile, the Nasdaq Composite climbed 0.60% or 70.23 points to 11,862.13.

Overnight, the ECB raised key interest rates by the 75 basis point market consensus to curb record-high inflation levels in the Eurozone. However, this jumbo hike offered little change for the Euro as the EUR/USD continues to struggle through parity amid the energy crisis.

Yesterday’s economic data revealed Australia’s trade surplus fell from a record high of A$17.13 billion in July, with exports contracting 10% and imports increasing by 5%. Due to softening overseas demand for coal and metal, the ABS reported Australia’s trade balance tumbling to A$8.73 billion, well below the forecasted A$14.50 billion.

Elsewhere, US initial jobless claim figure declined again to a three-month low, highlighting robustness in the job market despite the Fed’s aggressive tightening and fears of recession. The number of Americans filing new claims for unemployment benefits dropped to 6,000 to a seasonally adjusted 222,000 for the week ending September 3rd.

AUD/USD Daily Chart

DXY (USD INDEX) Daily Chart

Major Global Markets 

Currencies Level Change (%)
AUD/USD 0.6766  0.22
AUD/JPY 97.3340  0.04
AUD/CNH 4.7026  0.16
DXY 109.5160 -0.17
Rates Yield (%) Change
US 10 Year 3.32 0.132
Aus 10 Year 3.63 0.05
Equities Level Change (%)
S&P 500 4,006.18  0.66
NASDAQ 11,862  0.60
ASX 200 6,848.67  1.77
Commodities Level Change (%)
Iron Ore 98.5 -1.01
Gold 1720.30  0.01
Brent Crude oil 89.15  1.31