AUD Retail Sales Boost: Impacts on Forex Market
Market Recap: October 1, 2024
AUD Retail Sales
Australia’s Retail Sales for August increased by 0.7%, surpassing the forecast of 0.4%. This reflects a boost in consumer spending, providing support to the AUD/USD, which is trading relatively flat at 0.69135, down just 0.02% on the day.
Eurozone CPI
The Eurozone Core Harmonized Index of Consumer Prices (HICP) for September remains a key focus today. The month-on-month figure is expected at 0.3% and the year-on-year figure forecasted at 2.8%. These numbers will influence EUR/USD, which has dropped 0.11% to 1.11244, reflecting a slight cooling in euro strength ahead of the data release.
USD Manufacturing PMI
The U.S. ISM Manufacturing PMI is due later today, with expectations sitting at 47.5, indicating potential contraction in the manufacturing sector. The USD/JPY has risen 0.15%, trading at 143.931, as traders await further U.S. data to confirm economic sentiment.
Commodities and Energy
- Crude Oil is trading at 67.617 USD/bbl, down 0.81%, with Brent crude also falling by 0.79% to 71.135 USD/bbl, as energy prices continue their downward trend over the week.
- Natural Gas has slipped 0.72%, but it’s still up 3.91% over the week, reflecting some market volatility in energy demand.
- Gold has inched up by 0.30% to 2643.56 USD/t.oz, while Silver also increased by 0.30%, now at 31.334 USD/t.oz.
Metals and Industrials
Steel prices surged by 6.78% to 3417 CNY/T, reflecting strong demand in China’s industrial sector, while Iron Ore also climbed by 0.91%, now priced at 93.83 USD/T.
Major Currency Pairs
USD/EUR
- The EUR/USD pair is currently trading at 1.11244, down 0.11% on the day. The euro is facing some pressure. This is ahead of the Eurozone Core Harmonized Index of Consumer Prices (HICP) data. The data is expected to provide more direction. Traders are cautious as they await clarity on the inflation outlook, with the year-on-year forecast at 2.8%. This will be a key driver for euro performance in the coming hours.
GBP/USD
- The GBP/USD is trading at 1.33517, down 0.19%. Despite strong UK housing market data recently, the pound has weakened slightly today. Traders are likely awaiting more concrete economic indicators, including upcoming U.S. data, which could push the pair further. The modest drop reflects a cautious market sentiment as the week begins.
AUD/USD
- The AUD/USD is mostly steady at 0.69135, down just 0.02%. Positive Retail Sales data from Australia, which grew 0.7% in August, has helped keep the Aussie supported. The pair remains sensitive to China’s economic performance, given the trade links between the two countries. For now, the Australian dollar is holding its ground.
NZD/USD
The NZD/USD is underperforming today, trading down 0.38% at 0.63205. The Kiwi dollar has struggled to maintain momentum, reflecting global risk aversion and weaker commodity prices. Traders are watching for upcoming economic data to provide more direction for the pair.
USD/JPY
- The USD/JPY has risen slightly, up 0.15% to 143.931. Investors are eyeing U.S. economic data, especially the upcoming ISM Manufacturing PMI report. The yen continues to weaken amid expectations of ongoing monetary tightening in the U.S., which has been keeping the dollar strong against the yen.
USD/CNY
- The USD/CNY pair is trading up 0.19% at 7.02321, as the dollar strengthens slightly against the yuan. Ongoing economic challenges in China are putting pressure on the yuan. Market expectations for further monetary easing are also contributing to this pressure. Meanwhile, the dollar remains relatively robust.
USD/CHF
- The USD/CHF is showing minor gains, up 0.15%, with the pair currently trading at 0.84169. The Swiss franc, traditionally a safe-haven currency, has seen some weakness today. Traders are shifting towards the dollar amid broader market uncertainty. The U.S. economic outlook remains the key driver for this pair in the short term.
Keep an eye on the upcoming Eurozone CPI and ISM Manufacturing PMI data. This data could further influence market dynamics throughout the day.
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