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Market Update 16/12/2024

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

• Wall Street experienced a volatile day, with the three major indices ultimately closing nearly flat. The U.S. 10-year Treasury yield rose 7 basis points to 4.40%, while crude oil increased by 1.6% to $71.20 per barrel. AUD/USD traded in a narrow range of 0.6352-0.63835, finally closing at 0.6360.


• Asian stock markets closed lower for the week, with the Nikkei down 0.9%, the Hang Seng down 2.1%, and Australia’s ASX 200 down 0.4%. The local index marked its worst weekly performance since August.


• UK GDP for October came in at -0.1% (expected +0.1%), contracting for the second consecutive month. October industrial production also fell short of expectations, with a month-on-month figure of -0.6% (expected +0.3%), and manufacturing production at -0.6% month-on-month (expected +0.2%). The pound came under pressure, with GBP/USD dropping about 40 pips to a low of 1.2619.
Weekly important data:

• CN – Nov. Industrial Production YoY

• CN – Nov. Retail Sales YoY

• UK – Dec. Preliminary PMI’s

• US – Dec. S&P Global PMI’s

• NZ – Nov. Food Prices MoM

• AU – Dec. S&P Global Australia PMI Composite

• JN – Dec. Jibun Bank Japan PMI Composite

• EU – Dec. Preliminary PMI’s

 

Mid-market rates.

Currency Pair Mid-market Rate
AUD/USD 0.6358
AUD/NZD 1.1037
AUD/JPY 97.73
AUD/CNY 4.6313
AUD/EUR 0.6055
AUD/GBP 0.5039
AUD/HKD 4.9417

 

Chart of the day

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

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