June Summary
- AUD/USD remained stable in June, ranging from 0.6577 to 0.6704.
- USD/JPY hit a 38-year high from 154.52 to 161.28, sparking speculation on Bank of Japan’s potential intervention.
- Mexico elected its first female president, while Modi lost his majority in India, causing “risk off” moves in markets.
- Surprise election announcements in France and the UK; while Biden and Trump had their first debate on CNN.
- The Bank of Canada and ECB made their first rate cuts, while the Swiss National Bank implemented a second rate cut.
- Crypto markets saw significant declines: Bitcoin fell 7.1% and Ethereum 8.6% amid news of bankrupt exchange Mt.Gox starting to repay 142,000 BTC to investors.
- In the US, market focus was on CPI and PPI data which printed softer, but Nonfarm Payrolls came out stronger than expected.
- Federal Reserve removed one rate cut from 2024 forecast, leaving one cut for the end of the year.
- Locally the Australian May CPI indicator came out stronger than expected, causing speculation that the August RBA meeting is now live, with a 40% chance of a hike on the table.
Snapshot of the Month
Key Upcoming Dates
| 1st July | US ISM Manufacturing PMI |
| 4th July | US ISM Service PMI |
| 4th July | UK General Election |
| 5th July | US Non Farm Payrolls |
| 7th July | French Elections |
| 10th July | NZ Official Cash Rate |
| 11th July | US CPI |
| 12th July | US PPI |
| 16th July | US Retail Sales |
| 17th July | NZ CPI |
| 18th July | Australian Employment Data |
| 18th July | European Central Bank Interest Rate Decision |
| 26th July | US Personal Consumption Expenditure |
| 31st July | Australian Q2 CPI |
| 31st July | Bank of Japan Interest Rate Policy Announcement |
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