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
U.S. equities capped off their best month of 2024, with the Nasdaq leading gains at 0.8%. The S&P 500 and Dow Jones followed suit, rising 0.6% and 0.4% respectively. Treasury yields eased, with the 10-year dropping 9 basis points to 4.17%. Oil markets saw a 1% dip, bringing crude to $68 per barrel. The greenback’s broad weakness pushed AUD/USD to the upper bounds of its 0.6496-0.65275 range.
Asian markets closed mixed on Friday, with the Nikkei down 0.4% while Chinese indices gained. Australia’s ASX slipped 0.1%, though materials outperformed. The Aussie dollar climbed steadily, touching 0.6527.
European shares held steady at the open, digesting lower-than-expected French inflation and GDP data. U.S. yields continued to retreat, and Brent crude wobbled below $72.60. Major currencies initially strengthened against the dollar.
Midday in London saw German unemployment holding steady and UK mortgage approvals improving. Eurozone inflation data came in softer, briefly boosting the dollar against major peers.
As New York trading began, Canadian GDP missed forecasts, lifting USD/CAD. The greenback made marginal gains across the board, though currencies later recovered from their lows.
Late in the New York session, BOJ Governor Ueda’s comments on yen weakness risks sparked a dollar sell-off, particularly against the yen. This late weakness in the greenback allowed other majors to advance, with AUD/USD ending the week near 0.6520.
Mid-market rates.
| Currency Pair | Mid-market Rate |
|---|---|
| AUD/USD | 0.6512 |
| AUD/NZD | 1.1010 |
| AUD/JPY | 97.41 |
| AUD/CNY | 4.7234 |
| AUD/EUR | 0.6164 |
| AUD/GBP | 0.5115 |
| AUD/HKD | 5.0672 |
Disclaimer:
The market update provided by Corporate Alliance FX (CAFX) is for reference only and does not constitute a bid, levy, offer or invitation to offer for the financial product, the basis for any contract or commitment, a recommendation for the purchase or sale of any investment instruments, financial, legal, tax, investment advice, investment advice or other opinions. It will not be legally liable for any consequences or losses caused by the information or content involved.
Corporate Alliance Group Pty Ltd T/A Corporate Alliance FX (CAFX) (ABN 58 167 119 226, AFSL 523351) (i.e. CAFX), CAFX independently holds the Australian Financial Services licence no. 523351 (AFSL), so CAFX is regulated by the Australian Securities and Investment Commission (ASIC) and, and although ASIC is a strictly regulatory body, it does not endorse a specific financial product. ASIC’s regulation of CAFX applies to all services under the financial licence held by CAFX, including the issuance of foreign exchange settlement, foreign exchange payments, foreign exchange risk control, hedging, market making and providing financial advice.3
