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Market Update 24/05/2024

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 lost 0.20% against the USD for the third consecutive day on Thursday as investors digested the latest Global PMI report in the US. Furthermore, Fed rate cut expectations were hurt, with traders expecting easing toward the end of the year. The AUD/USD trades at 0.6598 at the time of this writing, 

US Treasury bond yields jumped following the release of the S&P Global PMI, posting 50.9 for manufacturing PMI and 54.8 for flash services PMI both exceeding expectations, hinting the US economy remains strong.

US Initial Jobless Claims rose less than expected, to 215K, below 220K, and much less than the 223K of the previous reading.

Thursday data, along with the latest FOMC minutes, revealed that disinflation process “would take longer than previously anticipated,” warranting higher rates for longer.

Economic data to watch out for.

• NZ – May. ANZ Consumer Confidence Index
• NZ – May. Trade Balance NZD
• UK – May. Gfk Consumer Confidence
• JP – Apr. Natl CPI y/y
• UK – Apr. Retail Sales
• Germany – Q1. GDP
• EU – ECB’s Schnabel Speaks
• CA – Mar. Retail Sales m/m
• US – Apr. Durable Goods Orders

Mid market rates.

Currency PairMid-market rate


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