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
AUDUSD is steady at 0.6615. Regarding the RBA meeting today, any indications of earlier rate cuts (before February) would weaken the AUD and slightly lift NZD. Conversely, a more hawkish statement suggesting cuts pushed to later in 2025 would strengthen the AUD
Stocks market rose overnight as traders anticipate US retail sales data and look forward to statements from various Fed officials throughout the week. The yield on the US 10-year increased 5bps to 4.28%. Regarding the US data, the Empire State Manufacturing Index improved to -6.0 in June from -15.6 in May, signalling a modest decline in business activity. Despite the headline improvement, employment is weakening, and price metric suggest reduced inflation pressure. However, there is increased optimism about future business conditions.
In the day ahead, the RBA is scheduled to announce its cash rate at 4:30pm, and no change is expected to the current rate of 4.35% and the press conference will follow an hour later. FOMC member Cook is also scheduled to speak. Later in the evening, US Retal Sales data will be released just after midnight, followed by US Industrial Production shortly after, both closely watched for insights.
Economic data to watch out for.
• AU – RBA Cash Rate Target
• EU – Jun. ZEW Survey Expectations
• EU – ECB’s Cipollone, Guindos, Villeroy Speaks
• US – May. Retail Sales Advance m/m
• US – May. Industrial Production m/m
• US – Apr. Business Inventories
• US – Fed’s Barkin, Kugler, Logan, Musalem, and Goolsbee Speak
Mid market rates.
Currency Pair | Mid-market rate |
AUD/USD | 0.6615 |
AUD/NZD | 1.0783 |
AUD/JPY | 104.27 |
AUD/CNY | 4.8086 |
AUD/EUR | 0.6158 |
AUD/GBP | 0.5214 |
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.