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Market Update 26/06/2024

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 slipped down to the 0.6650 against the USD overnight, the upcoming Australian inflation data remains the focus, expected to shape future RBA moves. Second-tier data reported during the Asian sessions didn’t significantly affect the Aussie..

Tech stocks rose, boosting US equities. The USD strengthened, and bond yields remained mostly steady, with the US 10-year yield down 0.4bps to 4.23%. US consumer confidence declined in June, showing mixed results. The overall confidence dropped by 0.9 points to 100.4. Consumers assessment of the current situation held up, with the present situation index rising by 0.7 points. However, the outlook on expectations weakened, with the expectations index falling by 1.9 points. FOMC member Bowman delivered a speech overnight at the policy exchange event in London, noting several potential risks for inflation to increase. Her colleague, Lisa Cook, mentioned that it will eventually be appropriate to reduce rates, and she anticipates gradual improvement in inflation this year.

Today, the focus is on Australia’s monthly CPI data at 1:30pm NZT, which is closely watched given the RBA’s cautious stance on unexpected increases in inflation. Other than that, there are only less impactful economic releases scheduled. But it worth noting the upcoming first US presidential debate on Thursday which is around at 2:00 am NZT on Friday, that can potentially impact markets. This is the earliest presidential debate in American history.

Economic data to watch out for.

• AU – RBA’s Kent Speech
• AU – May. Westpac Leading Index m/m
• AU – May. CPI y/y
• AU – Jul. Gfk Consumer Confidence
• EU – ECB’s Rehn, Panetta, Lane, Kazaks Speak
• US – Jun-21. MBA Mortgage Applications
• US – May. New Home Sales

Mid market rates.

Currency PairMid-market rate


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