Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
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US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Gold Price Falls as Fed Rate Hike Fears and U.S.-Iran Tensions Weigh on Bullion 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Economic pessimism has set in – but there are reasons for Australians to be hopeful 
Australia's annual inflation rate for September 2024 stands at 2.1%, down from 2.7% in August, indicating the lowest inflation increase since July 2021. This decline is largely due to significant decreases in electricity prices, which fell by 24.1%, and automotive fuel prices, which dropped by 14.0%. Despite these reductions, some price categories have seen notable increases: food prices rose by 3.3%, alcohol and tobacco by 6.3%, health costs by 4.8%, and education expenses by 6.4%.
Analysts forecast that inflation could slightly rise to around 2.3% by the end of the current quarter, a critical factor in guiding the Reserve Bank of Australia (RBA) on future monetary policy decisions, including interest rates.
Following the release of the Consumer Price Index (CPI) data, the Australian Dollar (AUD) experienced a decline of approximately 0.16% against the US dollar, partly because the inflation figure was below market expectations of 2.3%. The currency had already been under pressure due to mixed economic indicators and concerns about US-China trade relations. Although the AUD/USD pair tested support levels around 0.6467, it recovered after initially dropping to 0.6433. The AUD's decline reflects market reactions to economic conditions and expectations regarding the RBA's monetary policy.
Major levels to watch -
Resistance- 0.6510,0.6550
Support- 0.6430, 0.6360
