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CAFX Market Update 30/11/2022

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

Japan Industrial Production (MoM) (Oct)
New Zealand ANZ Business Confidence (Nov)
Australia Building Approvals (MoM) (Oct)
Construction Work Done (QoQ) (Q3)
Private Sector Credit (MoM) (Oct)
China Chinese Composite PMI (Nov)
Manufacturing PMI (Nov)
Non-Manufacturing PMI (Nov)
Eurozone Core CPI (YoY)
CPI (YoY) (Nov)

Macro Report

The Aussie dollar has fallen below the 0.6700 level on US dollar strength, trading at 0.66826 at the time of writing, down 0.77%. The risk-sensitive Aussie dollar is under pressure as market sentiment remains cautious ahead of US labour market data and Fed Powell’s speech.

US ADP Nonfarm Employment Change will be released overnight and is expected to add 200K for November versus a previous change of 239K in October. This will be followed by Nonfarm Payrolls on Saturday. With bad news being good news in this instance, softer-than-expected employment data will be pleasing for the Fed. Additionally, the AUD pullback comes ahead of the highly anticipated Federal Reserve Chair Powell’s speech, which may give further insight into the roadmap of future rate hikes and the outlook for the US economy.

Scheduled for release today is Australia’s fourth-quarter Consumer Price Index (CPI) data, where a print of 7.4% is expected, up from the prior figure of 7.3% on an annual basis.

AUD/USD Daily Chart

DXY (USD INDEX) Daily Chart

Major Global Markets 

Currencies Level Change (%)
AUD/USD 0.6676 -0.18
AUD/JPY 92.6270 -0.16
AUD/CNH 4.7725 -0.92
DXY 106.8220  0.13
Rates Yield (%) Change
US 10 Yr 3.74 -0.01
Aus 10 Yr 3.62  0.39
Equities Level Change (%)
S&P 500 3,957.63 -0.16
NASDAQ 10,983.78 -0.59
ASX 200 7,239.10 -0.20
Commodities Level Change (%)
Iron Ore 93.04  0.32
Gold 1,762.20 -0.09
Brent Crude oil 83.03  0.19