FX News

FX Update: Risk Pushing AUD Higher

Market Overview

Key Points:

• Queen Elizabeth II has died at age 96, the longest reigning monarch in British History. Oldest son Charles becomes the new monarch and will be known as King Charles III
• 14 countries recognise the British Monarch as the head of state, over the coming months could we see the unwinding of many to become republics
• US Equities have closed higher- the 4th consecutive day
• Germany has decreased imports of goods from Russia by 45.0% July to July, but the value of goods has increased by 10% to 2.9B highlighting the increased costs of goods and soaring energy prices
• Ukraine troops have taken back a massive chunk of land from Russia freeing more than 20 settlements boosting Ukrainian mood across the country
• The Swiss Franc (CHF) been the strongest currency over the past week while the Japanese Yen (JPY) is the weakest on the main board
• Tens of millions of people over at least 30 regions in China have been ordered to stay home under partial or full lockdowns, residents have been complaining of food and essential item shortages

Major Announcements last week:

  • RBA hikes from 1.85% to 2.35%
  • Bank of Canada hikes from 2.50% to 3.25%
  • European Central Bank hikes from 0.50% to 1.25%
  • Canadian Unemployment Rate jumps from 5.0% to 5.4%
Previous ArticleNext Article