Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
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Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Economic pessimism has set in – but there are reasons for Australians to be hopeful 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
China Sets 1.25% Overnight Reverse Repo Rate Below Market Expectations 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Australian retail sales data released today shows a month-on-month increase of 0.6% for October 2024, exceeding market predictions of a 0.3% rise. This marks the third month in a row that retail sales have grown, following a slight increase of 0.1% in September and a stronger 0.7% in August.
Key Highlights:
Year-on-Year Growth: Retail sales were up 3.4% compared to October 2023, a significant jump from just 1.2% growth the previous year.
Sector Performance: The growth was mainly driven by increased household goods and dining out spending.
Regional Variations: Sales growth differed across states. New South Wales and South Australia had positive development, while regions like Victoria and Tasmania saw declines.
This positive trend in retail sales is viewed as a good sign for consumer confidence and might affect the Reserve Bank of Australia's future decisions regarding interest rates.
AUDUSD Levels to watch -
Resistance- 0.6550/0.6600/0.6685
Support- 0.6480/0.6430/0.6400
