Edit Content

CAFX Market Update 18/1/2023

Welcome to our daily market update, where we help keep you informed on the latest happenings in the world of FX.
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


The AUD/USD pair has bounced back following a bearish start to the week, gaining modestly in light of the latest macroeconomic data and a weaker US Dollar. At the time of writing, the pair hovers below the 0.70 handle, trading at 0.6984, up 0.41% as of late.

First off, a batch of China’s economic data released yesterday fuelled the AUD movement. Most noteworthy, China’s GDP printed 2.9% on an annual basis, higher than the forecast 1.6%. Although a decline from the prior quarter’s print of 3.9%, upbeat data bolstered a positive outlook for China’s economy in the coming year.

Additionally, Australia published Westpac Consumer Confidence for January, which indicated an upward trend for a second straight month, rising to 5% from 3% in December.

On the US front, the Empire State Manufacturing Index dropped significantly below the -8.70 forecast at -32.9 points. Against the backdrop of deteriorating US business activity due to a sharp decline in new orders and shipments, markets saw Wall Street and the US dollar tumble.

Looking ahead, markets are focused on the BOJ monetary decision and outlook report scheduled for release later today. Followed by US PPI and Retail Sales data due overnight.


Japan BoJ Monetary Policy Statement
    BoJ Outlook Report (YoY)
    BoJ Interest Rate Decision
Eurozone CPI (Dec)
    CPI, n.s.a (Dec)
    PPI Input (Nov)
United States Core PPI (Dec)
    Core Retail Sales(Dec)  
    PPI (Dec)    
    Retail Sales (Dec)