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Market Update 22/05/2024

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 losses ground against the USD as Fed officials reluctant to hint at when rate cuts begin. leading to US Treasury bond yields falling, while the Greenback trades around 104.62. The AUD/USD trades at 0.6668

Even though Fed commentary was slightly “hawkish,” US Treasury yields dropped, but the US Dollar remained steady. furthermore market participants brace for the release of the FOMC minutes on Wednesday.

On the local front, the minutes of the Reserve Bank of Australia’s last meeting were slightly hawkish as RBA board members considered a rate hike during their discussions.

Over in New Zealand RBNZ rate decision will be the main focus today for with the expectation for the Reserve Bank to hold rates at 5.5%

Economic data to watch out for.

 AU – Judo Bank Australia PMI Composite
• JP – Mar. Core Orders
• JP – Apr. Trade Balance
• NZ – RBNZ Official Cash Rate
• UK – Apr. CPI y/y
• UK – BOE’s Breedan Speaks
• US – FOMC Meeting Minutes

Mid market rates.

Currency PairMid-market rate


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