S&P 500 hits new record
Global markets shrugged off concerns about the recent bond market sell-off, with US equities returning to record highs overnight.
The S&P 500 gained 0.6% to reach a fresh all-time high, helping support broader risk sentiment.
Across currency markets, the Canadian and NZ dollars led gains. USD/CAD fell 0.5%, while NZD/USD rose 0.4%.
AUD/USD and GBP/USD both gained 0.2%.
EUR/USD also rose 0.2%, rebounding from 18-month lows. Despite the recovery, the euro remains near multi-year lows against several major currencies.
Consumer confidence slides further
Australian consumer confidence weakened again in October as higher interest rates, elevated fuel costs, and rising labour market concerns weighed on households.
Westpac’s Consumer Sentiment Index fell 4.7% to 80.4, following a 5.2% decline in September.
Among respondents surveyed after the Reserve Bank of Australia (RBA) rate decision, sentiment fell to 67.2, which Westpac described as “alarmingly weak”. The bank said households remain caught in a cost-of-living squeeze, with sentiment among the weakest readings recorded since the early 1970s.
For AUD/USD, initial resistance is located at the 21-day EMA of 0.7039, followed by the 100-day EMA at 0.7055. Support remains at 0.6900.
Meanwhile, AUD/JPY has climbed to a one-week high.
USD slips against APAC currencies
US Treasury Secretary Scott Bessent said stronger economic growth and tighter government spending could quickly improve the US fiscal position.
Bessent argued US growth was running comfortably above 3% and said sustained expansion could help reduce debt relative to the size of the economy.
Across Asia, USD/SGD fell to a two-week low. Initial support is located at the 100-day EMA of 1.2789, followed by the 50-day EMA at 1.2771. Resistance remains at 1.2850.
USD/CNH fell 0.1%, while USD/JPY was broadly unchanged.
USD hits new highs
Table: seven-day rolling currency trends and trading ranges
Key global risk events
Calendar: 5 – 10 October
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*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.
