USD Rallies on Fed Hawkish Tone

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Forex Market 

USD: Softer on Subdued Trade
The dollar eased modestly overnight following a lack of strong economic catalysts, with only GBP/USD making fresh highs on the day.

  • AUD/USD traded in a 0.6450–0.64785 range, closing near 0.6470.

  • NZD/USD held around 0.5892/3.

  • EUR/USD touched 1.1530 lows before steadying.

  • GBP/USD rose to 1.33155 highs.

  • USD/JPY briefly hit 147.83 before drifting lower.

AUD: Range-Bound Trade
AUD/USD saw muted movement as traders awaited New Zealand labour market data, holding in a tight range overnight.

Key Economic Data Ahead (Sydney Time)

 

General Market

Wall Street

Wall St. ended weaker after unwelcome U.S. data:

  • Dow Jones -0.1%

  • S&P 500 -0.5%

  • Nasdaq -0.7%

U.S. 10-year yields held at 4.20%; Brent crude fell 1.7% to $67.60/bbl.

Asia-Pacific

  • Shenzhen +0.8%, Hang Seng +0.7%, Nikkei +0.6%

  • ASX +1.2% (consumer discretionary +1.8%, financials +1.5%)

Europe

  • CAC +0.2%, Stoxx 50 +0.2%, DAX +0.4%, FTSE +0.3%

  • EUR/USD and GBP/USD little changed early in session.

 

Headlines to Watch

  • U.S. Trade Deficit (July) – Narrowed to $60.2bn vs $61.0bn expected.

  • Canada Trade Deficit – Narrowed to $5.86bn vs $6.30bn expected.

  • U.S. Services PMI (July) – Revised up to 55.7; Composite PMI to 55.1.

  • ISM Services (July) – Fell to 50.1 vs 51.5 expected.

  • Trump Comments on CNBC – Discussed labour statistics and Fed chair prospects.

 

Mid-market rates

Currency PairMid-market Rate
AUD/USD0.6471
AUD/NZD1.0950
AUD/JPY87.23
AUD/CNY4.6491
AUD/EUR0.5591
AUD/GBP0.4866
AUD/HKD5.0803

 

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