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CAFX Market Update 21/11/2022

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

Key Data Being Released Today

China New Loans

Macro Report

The Aussie dollar came under pressure at the end of last week’s trading on renewed US Dollar momentum. The AUD/USD pair extended a 0.16% decline on Friday, following Thursday’s 0.82% drop. The pair is trading at 0.6668 at the time of writing, down 0.07%.

Last week’s print of the Philadelphia Federal Reserve manufacturing index revealed a significant dropped from October’s -8.7 reading to -19.4 points, while consensus forecasts called for a -6.2 reading. Despite this weaker-than-expected activity within the manufacturing section, the US dollar preserved its gains from Fed member statements the prior day. The US Dollar Index (DXY) was last seen rising 0.22%, at 106.9300.

As far as economic data goes this week, Wednesday’s Fed minutes from its latest meeting will take centre stage, given markets will be on the lookout for any indication that the pace of rate tightening may shift. Additionally, Fed officials’ comments will be tracked in hopes of estimating the size of future rate increases by the Fed. This week also includes a slew of PMI data from Australia, the Eurozone, the UK, the US and Japan. On Wednesday, the RBNZ will make its interest decision, with most forecasting the cash rate to increase by a margin of 75 basis points.

AUD/USD Daily Chart

DXY (USD INDEX) Daily Chart

Major Global Markets 

Currencies   Level Change (%)
AUD/USD   0.6668 -0.07
AUD/JPY   93.5810 -0.09
AUD/CNH   4.7444 -0.68
DXY   106.9300  0.22
Rates   Yield (%) Change
US 10 Year   3.83 0.28
Aus 10 Year   2.61 0.88
Equities   Level Change (%)
S&P 500   3,965.34  0.48
NASDAQ   11,146.06  0.01
ASX 200   7,151.80  0.23
Commodities   Level Change (%)
Iron Ore   92.89 -0.21
Gold   1,769.00 -0.50
Brent Crude oil   87.62 -2.41