AUD Steady as Wall St. Rallies on Strong US Data

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Forex Market 

USD: Wall St. Extends Gains; AUD Consolidates Near 0.6550
Wall Street posted another strong performance overnight, with solid corporate earnings and firm housing data supporting sentiment. US 10-year yields were steady at 3.99%, while Brent Crude fell 2.1% to $64.20 a barrel. The US dollar traded mixed as investors positioned ahead of key inflation and central bank data later in the week.
AUD/USD traded in a buoyant 0.6545/0.6590 range overnight, closing at the upper end near 0.6550. Offers remain ahead of 0.6600, while demand is seen toward 0.6500/0.6510.
  • Asian equities finished softer on Tuesday, led by the Nikkei (-0.6%) and Shenzhen (-0.5%). The ASX also fell (-0.5%) as CSL, WiseTech, and rare earth stocks weighed. AUD/USD touched highs of 0.6564 before easing to 0.6548 as gold weakened.
  • European equities opened lower following a weak November GfK Consumer Confidence reading in Germany (-24.1 vs -22.0 exp.). The Stoxx, DAX, and CAC slipped around -0.2% each, while EUR/USD fell 15 pips to 1.1644.
  • In FX, sterling softened after the UK’s BRC Shop Price Index release, falling from 1.3368 to 1.3301. Gold stayed offered, testing below $3,900/oz.
  • US data supported moderate optimism: the FHFA House Price Index for August rose +0.4%, while Case-Shiller prices climbed +0.19% MoM and +1.58% YoY. The Richmond Fed Manufacturing Index improved to -4 (vs -12 exp.) and October Consumer Confidence printed at 94.6 (vs 93.4 exp.).
  • The USD weakened later in the NY session as AUD/USD rallied to 0.6586 and NZD/USD rebounded to 0.5785. Wall St. extended gains into the close, led by the Nasdaq (+1.1%).

Key Economic Data Ahead (Sydney Time)

General Market

Wall Street

  • Dow Jones +0.7% to 47,811
  • S&P 500 +0.4% to 6,904
  • Nasdaq +1.1% to 23,892
  • VIX +3.6% to 16.36

Asia-Pacific

  • ASX -0.5% to 9,013
  • Shanghai Comp -0.2% to 3,988
  • Nikkei -0.6% to 50,219

Europe

  • FTSE +0.4% to 9,697
  • DAX -0.1% to 24,279
  • CAC -0.3% to 8,217

Headlines to Watch 

United States

  • Stronger housing and manufacturing data offered support, but consumer confidence eased slightly in October.
  • Market focus now shifts to pending home sales and inventory figures for direction.

Europe

  • Germany: November GfK Consumer Confidence remains weak, signaling fragile household sentiment.
  • Eurozone: ECB’s Bank Lending Survey and 3Q Negotiated Wages data due later this week will provide insight into credit conditions and wage growth.

Global

  • Market sentiment stayed upbeat following another strong Wall St. session.
  • The USD remained mixed as traders await key inflation data and central bank commentary later in the week.

Mid-market rates

Currency PairMid-market Rate
AUD/USD0.6583
AUD/NZD1.1384
AUD/JPY99.82
AUD/CNY4.6731
AUD/EUR0.5647
AUD/GBP0.4958
AUD/HKD5.1147

 

 

 

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