Marketwatch APAC

Daily Insights
June 6, 2024

Market Watch APAC – 7th June 2024


The AUDUSD holds within familiar ranges yesterday, as the US-dollar retreats against the G10 currencies offered some support and the EURUSD gained after the ECB eased its policy rate by 25bp to 4.25%. Markets are expecting to open in Asia on the front foot with a modest pick up in risk sentiment. On the data calendar will be the Reserve Bank of India rate decision, expected to be a hold at 6.5% and China Trade figures to entertain traders. The main event tonight will be the US Non-Farm Payrolls for May, with the unemployment rate expected to remain steady at 3.9%. For the AUDUSD today, trading will remain cautious, any strength finding resistance at the 0.6685/00 zone again and declines will look for initial support at 0.6610/25’s area.

Wall Street stocks were mixed for the day with the Nasdaq and S&P losing ground, while the Dow managed to remain in the black. The DJI was up +0.08%, while the S&P500 lost -0.1% and the Nasdaq fell -0.1% also. Australian shares are looking to open flat today, as investors remain cautious ahead of the US Non-farm payrolls tonight though a firm commodities complex may offer some emphasis to the mining and energy sectors.

Gold prices added to yesterday’s gains as investor positioned ahead of the US Jobs release tonight and hoping a softer than expected result, could bring forward expectations for a rate cut from the Fed. Prices were up 0.8% by close.

Copper prices on the LME recovered with optimism that central bank rate cuts will stimulate demand, after the ECB eased their cash rate by 25bp, and the market hopes others will follow soon. Dalian Iron Ore prices reversed up after market attention shifted to portside inventories and expectations for restocking ahead of a China holiday.

Brent Crude prices were up 2% by close after the ECB cut their rate by a quarter percent and the market hoped the Fed may have room to do so soon, plus OPEC+ rhetoric that they could revise the latest output agreement, if need be.



Open today 0.6666

Yesterday’s Range 0.6634 / 0.6683


Open today  0.6199

Yesterday’s Range 0.6174 / 0.6215


Yesterday’s Range 1.0732 / 1.0757


Yesterday’s Range 0.6097 / 0.6136


Yesterday’s Range 4.8168 / 4.8489


Yesterday’s Range 0.5195 / 0.5218


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Economic Calendar

AUD - ANZ Job Advertisements m/m
CNY - Trade Balance
CNY - USD-Denominated Trade Balance
AUD - RBA Deputy Gov Hauser Speaks
JPY - Leading Indicators
EUR - German Industrial Production m/m
EUR - German Trade Balance
GBP - Halifax HPI m/m
EUR - French Trade Balance
CHF - Foreign Currency Reserves
EUR - German Buba President Nagel Speaks
EUR - Final Employment Change q/q
EUR - Revised GDP q/q
EUR - European Parliamentary Elections
CAD - Employment Change
CAD - Unemployment Rate
CAD - Capacity Utilization Rate
USD - Average Hourly Earnings m/m
USD - Non-Farm Employment Change
USD - Unemployment Rate
USD - Final Wholesale Inventories m/m
USD - FOMC Member Cook Speaks
USD - Consumer Credit m/m

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66832 0.66333
nzd/usd 0.62151 0.61734
aud/nzd 1.07569 1.07299
usd/jpy 156.444 155.348
usd/cad 1.37098 1.36553
eur/usd 1.09019 1.08618
gbp/usd 1.28089 1.27623
aud/eur 1.64039 1.62974
aud/jpy 103.978 103.527
Equities and Commodities
S&P 500 5354.71
DOW 38884.6
Nasdaq 100 19034.8
ASX200 7838.28
GOLD 2375.4
WTI 75.64

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.