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Market Update 2/07/2024

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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The AUD/USD trades at0.6653.. The Aussie asset gains on the USD) faces sharp selling pressure amid firm speculation that the Fed will start lowering interest rates from the September meeting.

US bond yields began the week higher as traders evaluated the increasing chances of a Trump presidency following the weekend’s presidential debate. The yield on the US 10-year bond rose by 8 basis points to 4.48%. This rise in US bond yields is drawing significant attention, boosting the USD DXY while most other currencies declined. Overnight the US ISM Manufacturing index dropped by 0.2 points to 48.5 in June. Among the components, production and employment moved into the contraction zone. While new orders improved from May, they remained weak overall. Inventories decreased, prices increased but at a slower rate, and both imports and exports declined

On today’s economic calendar, we have the RBA minutes, followed by the European CPI . The US JOLTS data will be out at midnight. Additionally, we can expect further commentary from global policymakers attending the ECB’s annual central banking forum in Sintra.

Economic data to watch out for.

• NZ – NZIER Business Opinion Survey
• NZ – May. Building Permits m/m
• US – Jun. Wards Total Vehicle Sales
• AU – RBA Minutes of June Policy Meeting
• EU – ECB’s Guindos, Schnabel, Powell, Lagarde, and Campos Speak 
• EU – Jun. CPI Core y/y
• EU – Jun. CPI Estimate y/y
• EU – May. Unemployment Rate
• CA – Jun. S&P Global Canada Manufacturing PMI
• US – May. JOLTS Job Openings

Mid market rates.

Currency PairMid-market rate


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