Markets Today: Equities Edge Up, Oil Dives, and the Dollar Dips

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

 

Forex Market 

USD: Softer as Wall St. Kicks Off the Week

The USD started the week on the back foot as Wall St. posted modest gains and U.S. bond yields declined. A sharp slump in WTI crude, driven by expectations of OPEC+ raising output, also influenced currency movements. The greenback was weaker across the board, with the AUD settling near the top of its daily range as Asian markets came online.
  • EUR/USD climbed to new highs of 1.17545.
  • GBP/USD advanced to 1.3455.
  • AUD/USD moved up to highs above 0.6580.
  • USD/CAD touched new daily lows of 1.3903. 

 

AUD: Bid on Broad Dollar Weakness
The Australian dollar was gradually bid higher throughout the session, moving from opening levels of 0.6549 to highs of 0.65814 amidst broad-based U.S. dollar weakness. The local ASX 200 saw a strong performance, lending further support to the currency. 

 

 

 

Key Economic Data Ahead (Sydney Time)

 

General Market

 
Wall Street

U.S. equities closed with modest gains to start the week in a relatively quiet session.

  • Dow Jones +0.1% to 46,316
  • S&P 500 +0.3% to 6,661
  • Nasdaq +0.5% to 22,591
U.S. 10-year yields fell 4 basis points to 4.14%, while WTI crude slumped 3.9% to US$63.20/barrel.

 

 
Asia-Pacific
Asian equities finished the session mixed, with Chinese markets outperforming.
  • Nikkei -0.7% to 45,044
  • Hang Seng +1.9%
  • Shenzhen +1.5%
  • ASX 200 managed strong gains of +0.9% to 8,863, led by financials and healthcare.

 

 

Europe

European markets closed modestly higher to begin the week.

  • FTSE +0.2% to 9,300
  • DAX 0.0% to 23,745
  • CAC +0.1% to 7,881
  • Stoxx +0.1%

 

U.K. 10-year Gilts were bid, with yields dropping to 4.71%. 

 

Headlines to Watch 

  • Fed Commentary – The Fed’s Hammack noted pressure in services inflation and felt the labour market looked broadly in balance.
  • U.S. Data – Pending Home Sales for August rose 4.0% m/m, easily beating forecasts of a flat result.
  • Oil Prices – WTI crude slumped 3.9% as OPEC+ looks set to raise output from October.
  • Trump Tariffs – President Trump announced potential tariffs of 100% on foreign-made movies and further tariffs on furniture made outside the U.S.
  • U.S. Politics – The Bureau of Labour Statistics announced it would not release economic data in the event of a government shutdown, placing this week’s employment report in doubt. 

 

Mid-market rates

Currency PairMid-market Rate
AUD/USD0.6577
AUD/NZD1.1384
AUD/JPY97.76
AUD/CNY4.6825
AUD/EUR0.5610
AUD/GBP0.4897
AUD/HKD5.1188

 

 

 

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