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Market Update 07/05/2024

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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A quiet evening in the markets with no scheduled release of US data, apart from recent discussions among Federal Reserve officials, FOMC member Barkin indicated his belief that maintaining high interest rates would contribute to further economic slowdown and help bring inflation down to the central bank’s target of 2%. Conversely, John Williams, his counterpart from the New York Federal Reserve, suggested that interest rate cuts are likely to happen eventually. However, the timing of such actions will be determined by a comprehensive evaluation of all available data. Both Bond & FX markets remained subdued and mostly stable, while equity markets showed a slight upward trend.

Reserve Bank of Australia (RBA) cash rate statement will be out today at 2:30pm, RBA governor is expected to keep the cash rate unchanged at 4.35%. Communication could be more inclined towards a hawkish stance compared to March, mainly because of the stronger than expected Q1 CPI print. A press conference is scheduled to follow at 5:30pm.

Later in the day, scheduled events including the release of the UK Construction PMI data, Eurozone Retail Sales figures, and a speech from Federal Reserve President Kashkari. 

Currency PairMid-market rate


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