AUD/USD Holds Range; Wall St Drops Ahead of Major Economic Releases

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Forex Market 

USD: Mixed as Wall St Sells Off; AUD Steady After Wide Range Move
Wall Street equities fell sharply across the board as markets awaited clarity on upcoming economic data releases following the end of the U.S. government shutdown. The Dow Jones dropped -1.4%, S&P 500 -1.6%, and Nasdaq -2.5%. U.S. 10-year yields climbed to 4.10%, while Brent crude eased 0.5% to $63.03/bbl. AUD/USD slipped from 0.6580 to test bids near 0.6525, settling around 0.6530 ahead of the Asian open.
Asian equities closed stronger, Shenzhen +1.2%, Hang Seng +0.6%, Nikkei +0.4%, while the ASX fell -0.5% following employment data surprising at 4.3% (vs 4.4% expected). AUD/USD jumped from 0.6514 to 0.6565 on the release.
In Europe, UK Q3 GDP missed at 0.1% q/q (0.2% expected), dragging GBP/USD to 1.3102 before broad USD selling lifted EUR/USD to 1.1624, GBP/USD to 1.3170, AUD/USD to 0.6577, and USD/JPY to 154.37.
European equities were mixed early, CAC +0.8%, Stoxx +0.4%, DAX flat, FTSE -0.2%, with Brent dipping below $62.50 and gold climbing +1.0% to $4,235/oz.
Ahead of NY trade, antipodeans extended gains with AUD/USD testing 0.6580, NZD/USD 0.56825, while EUR/USD reached 1.16345 and GBP/USD edged to 1.3180. USD/JPY fell to 154.32, and USD/CAD dipped to 1.3986 before rebounding.
Fed’s Daly said inflation is “stubborn” and too early to signal a December cut, emphasizing the need for more data.
As the U.S. government reopens, focus shifts to long-delayed data releases, with September payrolls potentially arriving next week (without unemployment rate figures).
Wall Street remained under pressure into the close, Dow -1.48%, S&P 500 -1.4%, Nasdaq -2.2%, while Europe also weakened (FTSE -1%, DAX -1.4%).
Mixed flows later saw EUR/USD and GBP/USD reach 1.1656 and 1.3215, while USD/JPY fell to 154.135. Commodity currencies eased slightly; USD/CAD hit 1.4037 highs.

General Market

Wall Street

  • Dow Jones: -1.0% to 47,772
  • S&P 500: -1.0% to 6,781
  • Nasdaq: -2.0% to 22,932
  • VIX: +8.7% to 19.03

Asia-Pacific

  • ASX 200: -0.5% to 8,753
  • Shanghai Composite: +0.7% to 4,030
  • Nikkei: +0.4% to 51,282

Europe

  • FTSE: -1.0% to 9,808
  • DAX: -1.4% to 24,042
  • CAC: -0.1% to 8,232

 

Headlines to Watch 

United States

  • US October PPI Final Demand — Markets watching for signs of cooling inflation amid mixed Fed commentary.
  • US October Retail Sales — Key indicator of consumer resilience; expected slowdown may weigh on USD.
  • US September Business Inventories — May influence GDP tracking estimates.
  • Fed’s Daly Comments — Signals continued caution on rate cuts.

Europe

  • ECB’s Vujčić Speaks — Investors watching for hints on policy path.
  • EU Q3 (P) Employment Data — Indicates labour market strength.
  • EU Q3 (S) GDP SA q/q — Confirmation of eurozone growth trends.

China

  • October New Home Prices — Key signal for property sector stability.
  • October Fixed Asset Investment (YTD) — Expected to show persistent contraction.
  • October Industrial Production — Forecast to slow from 6.5% to 5.5% y/y.
  • October Retail Sales — Projected to ease to 2.7% y/y, weakest since Sept 2023.
  • Surveyed Jobless Rate — Important gauge of labour market pressure.

Canada

  • September Manufacturing Sales m/m — Potential sign of production rebound.

Mid-market rates

Currency PairMid-market Rate
AUD/USD0.6528
AUD/NZD1.1553
AUD/JPY100.95
AUD/CNY4.6328
AUD/EUR0.5612
AUD/GBP0.4963
AUD/HKD5.0722

 

 

 

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