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Market Update 21/06/2024

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 met with some losses against its peers. The movement follows the AUD/USD’s retreat after two consecutive sessions of gains heading toward 0.6670, ultimately losing to higher US Treasury yields that acts as a tailwind for the USD.

Equities had a mixed session, the S&P initially rose above 5,500 but retraced gains as tech stocks pulled back slightly. The dollar remained strong, and bonds were cautious, with the US 10-year yield increasing by 2.7bps to 4.25%. Initial jobless claims for the non-farm payroll survey week were 238k compared to 216k in the May survey week, suggesting a weaker labor market report for June as demand for labour cools. Additionally, the June Philadelphia Fed business outlook index dropped to 1.3 from 4.5 in May, missing expectations of 5.0. Despite the headline index reaching its lowest level since January, some subcomponents showed better performance than the overall index.

Economic data to watch out for.

• JP – May. National CPI y/y
• JP – Jun. Jibun Bank Japan Composite PMI
• UK – May. Retail Sales Inc Auto Fuel m/m
• CA – Apr. Retail Sales m/m
• EU – Jun. HCOB Eurozone Composite PMI
• US – Jun. S&P Global US Composite PMI
• US – May. Existing Home Sales m/m
• US – May. Leading Index

Mid market rates.

Currency PairMid-market rate


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