Currency Market Analysis

Sep 09, 2021 | Currency Market Analysis

Global Themes

AUD drops to one-week lows as US shares fall again

• US shares extend losses
• Greenback climbs on safe haven appeal
• ECB in focus

US shares weigh on sentiment

The AUDUSD fell to the lowest level in a week overnight with US shares weighing on the local currency.

The US’s Dow Jones index fell for the third-straight session after Friday’s weaker jobs report sparked fears of a broader US slowdown.

Commodity markets were also weaker with gold down 0.2% and copper falling 1.1%.

Aussie pressured

The AUDUSD ended down 0.3%.

The Aussie was lower in other major markets with the AUDEUR down 0.1% while the AUDGBP fell 0.2%.

The AUDJPY fell 0.3%.

ECB due

Chinese data is in focus early with inflation numbers due at 11.30am AEST.

The Reserve Bank of Australia deputy governor Guy Debelle speaks at 6.35pm.

Later, all eyes are on the European Central Bank, with a recent rise in inflation causing markets to speculate that the ECB might begin to wind back its massive money-printing program.

The ECB meets at 9.45pm.


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