Daily insights for CFD traders – RBA caution boosts AUD/USD amid USD weakness

Stay informed with CA Markets’ daily market update, providing the latest trends and insights in Forex and CFD trading. Our comprehensive analysis and expert advice are designed to keep you informed and ahead in CFD trading. Whether you’re navigating currency pairs or exploring diverse asset classes, our updates offer valuable perspectives to optimize your trading strategies. Trust CA Markets to deliver timely market analysis that empowers your decisions and enhances your trading experience.

Market Recap

The AUD/USD pair gained overnight, trading at 0.6670 amidst a weaker USD. The Reserve Bank of Australia’s cautious stance on the inflation outlook is bolstering market expectations of another RBA rate hike, providing support for the Aussie. Meanwhile, US bond yields eased slightly, with the 10-year yield dropping 2 basis points to 4.44%. Federal Reserve Chair Jerome Powell’s remarks on a potential return to a disinflationary trend influenced market sentiment, although an unexpected rise in job vacancies reversed the bond yield decline. The USD weakened against most G10 peers as the DXY briefly surpassed 106 before retreating, while global equity markets showed mixed performance.

Economic Data to Watch

  • NZ – Jun. ANZ Commodity Price m/m
  • AU – May. Building Approvals m/m
  • AU – May. Private Sector Houses m/m
  • CN – Jun. Caixin China PMI Composite & Services
  • EU – ECB’s Guindos, Cipollone, Lagarde Speak
  • EU – May. PPI y/y
  • US – Fed’s Williams Speaks
  • US – MBA Mortgage Applications
  • US – Jun. Challenger Job Cuts y/y
  • NZ – Jun. CoreLogic House Px m/m
  • US – Jun. ADP Employment Change
  • CA – May. Int’l Merchandise Trade
  • US – Initial Jobless Claims
  • US – May. Trade Balance
  • US – Jun. ISM Services Index
  • US – FOMC Meeting Minutes

Mid-Market Rates

Currency PairMid-Market Rate

Disclaimer: The information provided in this daily market update is for informational purposes only and should not be considered as financial advice. Trading Forex and CFDs involves significant risk of loss and may not be suitable for all investors. Past performance is not indicative of future results. CA Markets does not guarantee the accuracy or completeness of the information provided, and we recommend consulting with a qualified financial advisor before making any trading decisions. Users are solely responsible for their own trading activities and decisions.