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Market Update 20/06/2024

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

The Australian Dollar (AUD) continued to gains against its peers following the Reserve Bank of Australia’s (RBA) hawkish hold on Tuesday.

Markets were relatively calm due to the US Juneteenth public holiday, with US equity, bond, and most commodity markets were closed.

Out of the UK, May headline CPI fell to the target of 2.0%, mainly due to lower goods and energy prices. However, services CPI remained high at 5.7%, only slightly down from 5.9%. This figure is 40bps above the latest BoE staff estimate of 5.3%. The slow decline in services inflation is expected to support the MPC’s stance on maintaining higher rates for a longer period.


Economic data to watch out for.

• NZ – Q1. GDP SA q/q
• AU – Jun. Judo Bank Australia PMI Composite
• CN – 1- & 5-Year Loan Prime Rate
• EU – ECB Publishes Economic Bulletin
• UK – Bank of England Bank Rate
• US – May. Building Permits and May. Housing Permits
• US – Jun-15. Initial Jobless Claims
• US – Q1. Current Account Balance
• US – Jun. Philadelphia Fed Business Outlook
• EU – Jun. Consumer Confidence
• US – Fed’s Barkin Speaks on Economic Outlook

Mid market rates.

Currency PairMid-market rate
AUD/USD0.6674
AUD/NZD1.0867
AUD/JPY105.40
AUD/CNY4.8579
AUD/EUR0.6208
AUD/GBP0.5246
  

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. 
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