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CAFX Market Update 09/2/2023

Welcome to our daily market update, where we help keep you informed on the latest happenings in the world of FX.
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The Aussie dollar gains some upward momentum after last week US Fed rate and NonFarm Payrolls data, however the Aussie struggles to break through the 70 cents mark.

AUD/USD gains support from the RBAs hawkish stance providing expectations to the market that further rate hike are needed to reach inflation targets supporting the Aussie to reach a high of 0.6996 overnight.

On the US side FOMC member William bolstered the US dollar as his remarks were seen as hawkish and stated “need to maintain restrictive for a few years” which fueled gains for the DXY leading to the Aussie surrendering some of its gains.

Equity markets fall due to the risk off mood supported by fears of more rate hike to come by the fed after strong labor market data released last week, and with NasDaq falling 1.4% and S&P falling 1.1%.