Marketwatch APAC

Daily Insights
June 13, 2024

Market Watch APAC – 14th June 2024


Despite the rise in May employment of +39.7k and the Unemployment rate to easing to 4.0% yesterday, the AUDUSD extended its decline during the Asia session. The RBA is still expected to hold rates higher for longer in an attempt to curb inflation downunder, while the US-dollar is enjoying some renewed demand, as Fed expectations for just the one rate cut this year revive the demand for Treasuries. Trading for the AUDUSD resumes in Asia with modest support down to the 0.6610/25 zone nearby and rallies should find supply to 0.6695/6715 on any strength.

Wall Street indices made modest gains on the Nasdaq and the S&P once again, as investors reconciled a cooler than expected inflation report and redeemed expectations for Fed rate cuts this year. The S&P500 gained +0.1% and the Nasdaq rose +0.2% also, however the DJI eased lower -0.2% for the day. Australian shares are expected to open steady today, as investors digest the latest employment data and the implication for RBA policy, while some support remains from commodities for the mining and energy sector.

Gold prices drifted lower as traders looked to close long positions and digested the US producer price data, released earlier in the day.

Copper prices gave back previous days gains, as investors considered the revisions to US Fed rates for the remainder of the year. Iron Ore prices on the Dalian Commodity Exchange held firm for the day, though high portside inventories in China and lacklustre demand expectations are weighing on the price action.

Brent Crude prices settled marginally higher at the close, with OPEC forecasts signaling future demand.



Open today 0.6636

Yesterday’s Range 0.6626 / 0.6675


Open today  0.6169

Yesterday’s Range 0.6161 / 0.6198


Yesterday’s Range 1.0753 / 1.0785


Yesterday’s Range 0.6145 / 0.6182


Yesterday’s Range 4.8162 / 4.8475


Yesterday’s Range 0.5196 / 0.5215


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Economic Calendar

JPY - BOJ Policy Rate
JPY - Monetary Policy Statement
JPY - Revised Industrial Production m/m
JPY - Tertiary Industry Activity m/m
JPY - BOJ Press Conference
EUR - French Final CPI m/m
EUR - Italian Trade Balance
CNY - New Loans
CNY - M2 Money Supply y/y
GBP - Consumer Inflation Expectations
EUR - Trade Balance
CAD - Manufacturing Sales m/m
CAD - Wholesale Sales m/m
USD - Import Prices m/m
USD - Prelim UoM Consumer Sentiment
USD - Prelim UoM Inflation Expectations
EUR - ECB President Lagarde Speaks
USD - FOMC Member Cook Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66752 0.66202
nzd/usd 0.61988 0.61539
aud/nzd 1.07826 1.07143
usd/jpy 157.31 156.58
usd/cad 1.37634 1.37148
eur/usd 1.08163 1.07273
gbp/usd 1.28073 1.27064
aud/eur 1.62734 1.61263
aud/jpy 104.685 103.737
Equities and Commodities
S&P 500 5431.18
DOW 38600
Nasdaq 100 19584.9
ASX200 7740.16
GOLD 2303
WTI 77.91

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.