Market Update 16/12/2024

December 16, 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

Here are the latest mid-market rates:

Currency Pair	Mid-market Rate
NZD/USD	0.5765
NZD/AUD	0.9066
NZD/JPY	88.59
NZD/CNY	4.1936
NZD/EUR	0.5490
NZD/GBP	0.4568
NZD/HKD	4.4808
NZD/SGD	0.7776

Market Update 16/12/2024

Company

Solution

Resources

Follow us