AUDUSD Open today 0.6440 Yesterday’s Range 0.6418 / 0.6459	NZDUSD Open today  0.5912 Yesterday’s Range 0.5902 / 0.5945
AUDEUR Yesterday’s Range 0.5981 / 0.6055	AUDCNH Yesterday’s Range 4.6673 / 4.7090
AUDNZD Yesterday’s Range 1.0835 / 1.0899	AUDGBP Yesterday’s Range 0.5139 / 0.5195

Risk assets have posted gains across the board after a string of positive economic results out of the northern hemisphere and Asia markets. The AUDUSD has consolidated above the 0.6400 level and at open today is trading around 0.6440 at print. The pair has managed to garnish support from a number of commodity and energy performances and a cut to the RRR by the PBoC. Further data prints out of China in our session today, will be the key for Aussie’s direction into the weekend. Yesterday the Australia Employment data for August was a surprise increase in the number of jobs created, 64.9k, and a steady unemployment rate of 3.7%, but analysts suggest this will not be significant to shift the RBA from remaining on hold at 4.1% at the next meeting. Day traders will be looking for support at 0.6420 to remain initially and gains to 0.6460/80 resistance to find further supply on any advances ahead of the weekend.

Wall Street indices ended higher for the day after the latest US data eased concerns about the economy slipping too far in to a recession and without increasing the chances of tighter policy from the US Fed, keeping rates on hold at the next meeting. The DJI rose 1%, while the S&P500 added 0.8% and the Nasdaq gained 0.8% for the session. The Australian share market is expected to open higher today, with investor sentiment getting a boost from the likelihood of the Fed holding steady on rates and further gains in commodities offering support to the mining and energy sectors.

Gold prices remain steady but holding at weekly lows, as investors contemplate the likelihood the Fed will hold rates higher for longer after the latest round of Producer Prices and Retail Sales releases.

Copper prices remained positive for the day as China adds measures to support their economy, though high inventory levels and firm US-dollar remain consistent across the market.  Dalian Iron Ore prices added further to recent gains as restocking demand from steelmakers in China ahead of the holiday period, supports the market.

Brent Crude Oil prices advanced to their highest level this year as expectations of tighter supply continue to influence the market outweighing any concerns over higher US inventories and weaker global growth outlooks.

 

 

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AUDUSD Open today 0.6422 Yesterday’s Range 0.6381 / 0.6434	NZDUSD Open today  0.5918 Yesterday’s Range 0.5881 / 0.5927
AUDEUR Yesterday’s Range 0.5954 / 0.5988	AUDCNH Yesterday’s Range 4.6494 / 4.6966
AUDNZD Yesterday’s Range 1.0842 / 1.0893	AUDGBP Yesterday’s Range 0.5127 / 0.5149

The US CPI release showed core inflation was up a tick by 0.3% v 0.2% expected and headline gained 0.6% as forecast, subsequently was not significant enough to shift the dial on projections Fed rate policy expectations in the coming meetings. The AUDUSD was steady above the 0.6400 level at open today and trading around 0.6420 at print. Today in Australia we look to the Employment data for August which is expected to see the Unemployment rate remain at 3.7% and an increase in jobs by 23k. While a report outside of expectations is likely to trigger heightened volatility, a strong set of numbers is unlikely to prompt the RBA to shift back to a hiking scenario. Trading ahead of this release is expected to be muted, with buyers initially at 0.64-cents and continued supply into strength around 0.6440/50.

Wall Street indices ended in mixed fashion following the US CPI release which showed a modest increase in the core rate and confirmed investor expectations that the Fed will remain pat on interest rate outlook for now. The DJI lost -0.2%, while the S&P500 gained 0.1% and the Nasdaq gained 0.3% for the session. The Australian share market is expected to open flat today, with investor sentiment getting a boost from the likelihood of the Fed holding steady on rates after the US Inflation data and ‘treading water’ ahead of the local employment data later today.

Gold prices drifted lower again, though building expectations that the Fed will remain on hold with interest rates next week, has limited the downside slide.

Copper prices turned positive in the session after the US CPI release and an easing US-dollar helped.  Dalian Iron Ore prices added further to recent gains as restocking demand from steelmakers in China ahead of the holiday period, supports the market.

Brent Crude Oil prices dipped lower after a surprise lift in US Crude inventories offset a tighter supply outlook.

 

 

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AUDUSD Open today 0.6426 Yesterday’s Range 0.6408 / 0.6440	NZDUSD Open today  0.5903 Yesterday’s Range 0.5890 / 0.5924
AUDEUR Yesterday’s Range 0.5971 / 0.6007	AUDCNH Yesterday’s Range 4.6862 / 4.7051
AUDNZD Yesterday’s Range 1.0855 / 1.0890	AUDGBP Yesterday’s Range 0.5129 / 0.5159

Risk aversion returns to markets and the US-dollar strengthens ever so slightly, but enough to bruise the AUDUSD pair for the day. The AUD was unable to add to previous session gains and contained activity in a narrow range around 0.6420’s. The markets await US Inflation data which is expected to show CPI increasing annually from 3.2% to 3.6% with the Core rate decreasing from 4.7% to 4.3%. The next significant eco release for Australia is the Employment data for August due tomorrow. Trading ahead of these releases is expected to be muted, with large option expiries reported around 0.6400 and 0.6450 over the coming days, adding to the flows.  Once again commodity prices, equities and USDCNH moves will be instrumental for AUDUSD direction across our session, with support remaining at 0.64-cents ahead of 0.6350/60 and resistance at 0.6440/50’s where sellers are suggested to be adding supply.

Wall Street indices slipped lower, weighed down by sagging tech stocks and as oil prices surged deepening concerns for ongoing price pressures in the lead up to the US Inflation read, due tonight. The DJI lost just -0.05%, while the S&P500 declined -0.6% and the Nasdaq dropped 1% for the session. The Australian share market is expected to open lower today, with gold miners feeling the pressure of declining lustre metal prices, while investors remain cautious ahead of the US inflation print, due later tonight.

Gold prices declined giving back previous session gains, as investors position ahead of US Inflation data later tonight to gauge the Fed’s interest rate hiking plans.

Copper prices eased slightly on the LME as inventory levels rise and US-dollar strengthened for the day.  Dalian Iron Ore prices added to recent gains after an improvement in loan data out of China that boosted sentiment and prompted restocking demand.

Brent Crude Oil prices jumped 2% higher on OPEC optimism for energy demand and a tighter supply outlook.

 

 

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AUDUSD Open today 0.6431 Yesterday’s Range 0.6377 / 0.6449	NZDUSD Open today  0.5919 Yesterday’s Range 0.5884 / 0.5935
AUDEUR Yesterday’s Range 0.5953 / 0.6007	AUDCNH Yesterday’s Range 4.6938 / 4.7126
AUDNZD Yesterday’s Range 1.0819 / 1.0871	AUDGBP Yesterday’s Range 0.5109 / 0.5147

The markets have opened the week with a hint of positive sentiment as BoJ Ueda hinted at a shift in monetary policy to positive interest rates and China reports an upbeat Inflation read for August, suggesting it is emerging from its deflationary period. Most Asia currencies managed gains against the US-dollar, including the AUD, which advanced near 1%, along with the JPY, both enjoying the ‘best of’ moves against the greenback. Any upbeat developments in China should continue to support the AUD, as its leading trading partner, but today we look to the local print for Australia’s Confidence data, warranting day trader attention. Moves in commodities, USDCNH and USDJPY should be the yardstick for AUDUSD direction for our session, with support remaining at 0.6350/60 and resistance at 0.6450’s where sellers are suggested to be adding supply.

Wall Street indices posted gains for the day, with the Nasdaq decisively higher after Tesla stocks rallied 10% on optimism around AI. The DJI rose 0.3%, while the S&P500 added 0.7% and the Nasdaq added 1.1% for the session. The Australian share market is expected to trade positive today, with miners leading gains on the back of base metal moves, though investors remain cautious ahead of the US inflation print, due later in the week.

Gold prices added small gains against a slightly softer US-dollar, though investors await US Inflation data later this week to gauge the Fed’s interest rate hiking plans.

Copper prices started the week with a 2% gain fueled by upbeat China inflation data and a softer US-dollar.  Dalian Iron Ore prices advanced for the session after an improvement in economic data out of China that suggested it was emerging from its deflationary stage.

Brent Crude Oil prices settled near flat for the day, holding above the US$90/bbl, with supply expected to remain tight following Saudi and Russia announcements last week on output cuts. 

 

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AUDUSD Open today 0.6409 Yesterday’s Range 0.6368 / 0.6414	NZDUSD Open today  0.5917 Yesterday’s Range 0.5872 / 0.5918
AUDEUR Yesterday’s Range 0.5948 / 0.5982	AUDCNH Yesterday’s Range 4.6786 / 4.7155
AUDNZD Yesterday’s Range 1.0816 / 1.0860	AUDGBP Yesterday’s Range 0.5104 / 0.5029

The AUDUSD has had a buoyant start to the week following BoJ chief , Ueda, signaling that there is a chance for Japan to end negative rates , firming the JPY and adding interest to the AUDUSD pair. Ahead this week the markets await US CPI out on Wednesday , Australian Jobs data on Thursday and China monthly activity data on Friday that may set the scene for US-dollar and interest rate expectations from the Fed in the coming months.  The Aussie remains depressed near yearly lows with a flicker of optimism following China’s expectation to add further stimulus to spur demand. Should see support at 0.6350/60 and resistance remain at 0.6425/30.

Wall Street indices marked modest gains on Friday, however, all registered losses for the overall week. The DJI rose 0.2%, while the S&P500 added 0.1% and the Nasdaq also added 0.1% for the session. The Australian ASX200 suffered a 1.7% decline for the week and looks to open flat today ahead of fresh data later in the week to settle investor nerves and generate appetite.

Gold prices produced small gains for the final session of the week, as investors await fresh economic data this week to gauge the Fed’s interest rate hiking plans.

Copper prices suffered further losses for the week as demand concerns remain ubiquitous on patchy data and a strong US-dollar.  Dalian Iron Ore prices surrendered gains from earlier in the week after China authorities pledged to step up regulatory oversight of the market following recent price rallies.

Brent Crude Oil prices added almost 1% for the day, with supply expected to remain tight following Saudi and Russia announcements earlier in the week.

 

 

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The Aussie dollar reached a high of 0.6457 during the U.S. session but was unable to keep that momentum going, closing at a level of 0.6422.  The AUDUSD was able to hold on to its gains and even tread a bit higher after manufacturing and services data out of Australia came in softer than expected.  The report came in at 49.4 from a 49.6 forecast and the services sector dropped to 46.7 from an expected 47.9.  This weakens the Global Composite PMI to 47.1 from a 48.2 in July. Positive market news for the Aussie dollar came out of China, with the benchmark rate for mortgage loans staying unchanged, despite the People's Bank of China move to drop the 1-yr prime loan rate.    This, along with expectations that the Fed's annual Jackson Hole Symposium will be somewhat soft as far as comments on further hikes in interest rates.  The market will also be paying close attention to the plethora of Federal Reserve Officials comments this week to get a clearer idea of what they can possibly expect at Jackson Hole.

AUDUSD Open today 0.6404 Yesterday’s Range 0.6365 / 0.6450	NZDUSD Open today  0.5925 Yesterday’s Range 0.5904 / 0.5964
AUDEUR Yesterday’s Range 0.5860 / 0.5913	AUDCNH Yesterday’s Range 4.6753 / 4.7134
AUDNZD Yesterday’s Range 1.0780 / 1.0833	AUDGBP Yesterday’s Range 0.5007 / 0.5051

The AUDUSD accelerated its decline yesterday after disappointing Employment numbers for July reported a decline of -14.6k and an increase in the Unemployment rate to 3.7%. The AUDUSD will remain to the bearish side as traders seek more clues and overall risk sentiment remains sour in the region, while the US-dollar finds favour from its latest macro economic data and an implied hawkish tone from the latest meeting minutes. With a light economic calendar for us today day traders are expected to scout for further catalysts and pivot around 0.64-cents. Japanese inflation data grabs the Asia session spotlight which is expected to show a decline in core CPI to 3.1% yoy for July. As suggested, the Aussie remains in decline as macro factors continue to influence. A breach of the 0.64-cents again looks to the support at 0.6350, while gains will be sold on the fade into 0.6450 today and advances over 0.65-cents would be needed to relieve some of the downside pressure.

Wall Street stocks extended their losses for yet another trading session, as US Bond yields continue to advance following inflationary related comments from the Fed in their latest meeting minutes and a number of second quarter earnings reports disappointing investors expectations. The DJI fell -0.9%, while the S&P500 lost -0.8% and the Nasdaq dropped -1.2%. Australian shares are set to open lower following Wall Street’s lead as the local market measures the effects of higher-for-longer interest rates in the US, plus the spillover from the negative news from the China economy and its influence over the region.

Gold prices fell further for the week in trading yesterday, as investors turn to the US-dollar with the prospect of more rate hikes should inflation remain sticky, forcing US Treasury yields higher.

Copper prices turned positive for the session as traders found renewed hope of China implementing further stimulus measures to support their economy.  Dalian Iron Ore prices continue to ‘buck the trend’ with gains for another day as traders remain hopeful that Beijing will add further stimulus to their flagging economy following a cabinet meeting called.

Brent Crude Oil prices added 1% for the day, snapping a three day decline as sentiment improved over the China outlook.

 

 

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AUDUSD Open today 0.6424 Yesterday’s Range 0.6416 / 0.6480	NZDUSD Open today  0.5938 Yesterday’s Range 0.5927 / 0.5993
AUDEUR Yesterday’s Range 0.5898 / 0.5918	AUDCNH Yesterday’s Range 4.7106 / 4.7369
AUDNZD Yesterday’s Range 1.0802 / 1.0858	AUDGBP Yesterday’s Range 0.5046 / 0.5087

Overnight, the release of the US Fed Minutes for July revealed that some members were divided over whether to raise rates further, as inflation remains stubbornly sticky in their economy. The AUDUSD tried to rally during the Asia session but found the resistance around 0.65-cents too overwhelming and eventually succumbing to the downward pressure and lining up the 0.64-cent support in trading overnight, as the US-dollar found favour yet again. As commodity prices slide and market sentiment deteriorates, the AUDUSD will remain to the bearish side. Ahead today we get Australian Employment data for July which is expected to show an additional 15k jobs and unemployment remaining around 3.5% and a very strong set of numbers outside these, would be needed to reverse the Aussie trajectory. Recent support around the 0.6450’s now becomes resistance for the session ahead. A breach of the 0.64-cents looks to the next support at 0.6350 and gains above 0.65-cents would be need to relieve some of the downside pressure.

Wall Street indices dropped on the day following US Fed Minutes which outlined plans for more rate hikes from the FOMC if inflation remains stubbornly high. The DJI fell -0.5%, while the S&P500 lost -0.8% and the Nasdaq dropped -1.2%. Australian shares are set to open lower following Wall Street as the local market digests the latest US Fed Minutes and remains cautious over the China economy and its influence over the region through commodity prices and demand.

Gold prices slipped slightly lower with investors favouring the US-dollar after the latest Fed Minutes revealed that some members were divided over rate hikes and the prospect of more should inflation remain sticky.

Copper prices dropped a further -0.3% on the LME, as the US-dollar firmed and investors remain concerned over the outlook for demand in China.  Dalian Iron Ore prices added to this weeks gains as traders took relief from PBoC’s latest rate cut and remain hopeful that Beijing will add further stimulus to their flagging economy.

Brent Crude Oil prices remains on the defensive, settling -1.7% lower as traders remain cautious over China demand and whether authorities are not doing enough to rejuvenate their economy.

 

 

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AUDUSD Open today 0.6455 Yesterday’s Range 0.6452 / 0.6522	NZDUSD Open today  0.5952 Yesterday’s Range 0.5949 / 0.5997
AUDEUR Yesterday’s Range 0.5913 / 0.5973	AUDCNH Yesterday’s Range 4.7179 / 4.7588
AUDNZD Yesterday’s Range 1.0832 / 1.0882	AUDGBP Yesterday’s Range 0.5081 / 0.5130

The AUDUSD remains heavy as it keeps running into bearish sellers on advances through 0.65-cents. The increasingly gloomy outlook for China continues to weigh on the risk currencies and particularly the AUD. Another miss yesterday on the IP and Retail sales for China just adds to the debt difficulties in their property sector, plus they also added a surprise interest rate cut for its one-year lending benchmark and announced that they will be suspending the Youth Unemployment report indefinitely, which at last read was at 21.3% with some economists suggesting real levels at even higher than the official print.

On the local front, the RBA Minutes suggest that there could be another hold at the Sept meeting with signs that Labour market and inflation are turning. Today we get the release of the Westpac Leading Index and the RBNZ will announce its monetary policy decision. The AUDUSD has been consolidating between the 0.6450 and 0.6500 range and a break in either direction will imply a short-term direction. With China woes overshadowing the outlook for the region, pressure remains to the downside at this point.

Wall Street indices deteriorated over the session following a better than expected read on the US Retail Sales data that has investors contemplating the Fed will hold rates higher for longer, all the while with reports circulating that Fitch Ratings Agency may downgrade some US lenders. The DJI fell -1%, while the S&P500 lost -1.2% and the Nasdaq dropped -1.1%. Australian shares are set to open lower following Wall Street and as the local market remains cautious over the China economy and its influence over the region.

Gold prices were little changed across the day hovering around its recent lows with investors favouring the greenback as markets expect the Fed to keep rates higher for longer in the wake of the latest economic data.

Copper prices dropped again, following the release of the China Industrial Production report, which disappointed the market.  Dalian Iron Ore prices managed a small gain as traders remain hopeful that Beijing will add further stimulus to their flagging economy.

Brent Crude Oil prices continued their slide as the latest round of China data disappoints and stokes concerns by analysts that authorities are not doing enough to rejuvenate their economy.

 

 

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