Global Markets Dip on Rising Yields as RBA and Fed Updates Await

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Forex Market 

USD: Strengthens Broadly Amid Risk-Off Mood
The USD firmed across the board overnight as global risk sentiment weakened. AUD/USD fell to a low of 0.64825, trading in a 0.65005–0.6558 range, while NZD/USD dipped to 0.5839. USD/JPY reached 148.94, USD/CAD touched 1.38145, and GBP/USD and EUR/USD dropped to 1.3340 and 1.1613, respectively.
 
AUD: Rangebound With Demand Near 0.6500
Despite intraday weakness, AUD/USD bounced back to 0.6530 following the ISM release. Buying interest remains firm around 0.6500, with offers emerging at 0.6575+.

Key Economic Data Ahead (Sydney Time)

 

General Market

Wall Street

US equities ended weaker:
  • Nasdaq -0.8%
  • S&P 500 -0.7%
  • Dow -0.5%.
Losses were driven by rising yields and growth concerns, with early trade seeing S&P and Nasdaq dip nearly -1%.
Asia-Pacific
Mixed trading across the region:
  • Nikkei +0.3%
  • Shenzhen -0.7%
  • Hang Seng -0.5%
  • ASX 200 -0.3%.
Australian consumer sectors lagged, with discretionary and staples down -1.9% and -1.7%, respectively.
Europe
Risk aversion weighed heavily on European indices:
  • DAX -2.3%
  • FTSE -0.9%
  • CAC -0.78%.
U.K. 10Y gilt yields spiked to 4.81%, the highest level since January.

 

Headlines to Watch

  • Australia Q2 GDP – Potential influence on RBA rate path
  • US JOLTS Job Openings (Jul) – Key labor market indicator pre-NFP
  • Fed’s Beige Book – Regional business conditions snapshot
  • China PMI (Aug) – Market watch on post-stimulus rebound

 

Mid-market rates

Currency PairMid-market Rate
AUD/USD0.6523
AUD/NZD1.1135
AUD/JPY97.06
AUD/CNY4.6564
AUD/EUR0.5606
AUD/GBP0.4877
AUD/HKD5.0933

 

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