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Wall Street closed the week on a sour note, with tech stocks taking the brunt of the hit. The Nasdaq plummeted 2.2%, while the S&P 500 and Dow Jones also stumbled. Oil prices took a nosedive, but Treasury yields held steady.
Asian markets painted a mixed picture, with Japan’s Nikkei swimming against the tide. Down under, the ASX found some buoyancy thanks to utilities and financials. The Aussie dollar meandered within a tight range, eventually settling at 0.6459.
Across the pond, the UK’s economic data left much to be desired. GDP growth crawled at a snail’s pace, while industrial and manufacturing sectors hit a rough patch. The pound sterling felt the pinch, but the euro managed to eke out some gains.
European stocks stumbled out of the gate, with major indices seeing red across the board. The greenback showed signs of weakness, giving some breathing room to its counterparts. The yen, in particular, found its footing against the dollar.
Stateside, retail sales data offered a glimmer of hope, outpacing expectations. However, the Empire State Manufacturing Index stole the show with a remarkable turnaround. The dollar’s initial wobble was short-lived, as it quickly regained its footing.
Wall Street’s woes deepened as the day wore on, with tech stocks bearing the brunt of the selloff. European markets managed to limit their losses, but still closed in negative territory.
As the dust settled, currency pairs found themselves in a holding pattern, save for the yen, which continued to flex its muscles against the dollar. The pound sterling, however, found itself on shaky ground.
In the final hours of trading, Wall Street remained firmly in the red, with the Nasdaq leading the retreat. It seems the bears have the upper hand, at least for now.
Mid-market rates.
| Currency Pair | Mid-market rate |
| AUD/USD | 0.6457 |
| AUD/NZD | 1.1018 |
| AUD/JPY | 99.71 |
| AUD/CNH | 4.6781 |
| AUD/EUR | 0.6134 |
| AUD/GBP | 0.5123 |
| AUD/HKD | 5.0291 |
Chart of the day
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