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Market Update 28/01/2025

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 release of information about DeepSeek, a low-cost AI startup from China, put pressure on the dominance of the US tech industry, causing the Nasdaq to fall 3.5%, the S&P 500 to drop 1.8%, and the Dow Jones to rise 0.4%. The US dollar weakened, with EUR/USD breaking above 1.0500 to reach a high of 1.05345, GBP/USD rising to 1.2523, and NZD/USD trading above 0.5700. USD/JPY fell below 154.00, reaching a low of 153.715, while USD/CAD dropped below 1.4350, touching a low of 1.4335.
The US 10-year Treasury yield fell 8 basis points to 4.43%. AUD/USD settled at the lower end of its 0.6275 to 0.6315 range.
Asian stock markets started the week with mixed performance. The Nikkei index fell 0.9%, the Shenzhen 300 index dropped 0.4%, while the Hang Seng index rose 0.7%. The Australian ASX 200 index was closed for the Australia Day holiday. AUD/USD gradually declined throughout the trading session, falling from a high of 0.6315 to 0.6288 at the local market close.
The optimism surrounding DeepSeek also led to declines in European stock markets. The Stoxx 50 index fell 1.5%, the DAX index dropped 1.2%, the CAC 40 index declined 0.9%, and the FTSE index decreased 0.3%. GBP/USD and EUR/USD remained relatively stable, trading at 1.2449 and 1.0475 respectively.

Mid-market rates.

Currency Pair Mid-market Rate
AUD/USD 0.6292
AUD/NZD 1.1056
AUD/JPY 97.24
AUD/CNY 4.5618
AUD/EUR 0.5997
AUD/GBP 0.5035
AUD/HKD 4.8992

 

Chart of the day

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