Marketwatch APAC

Daily Insights
May 23, 2024

Market Watch APAC – 24th May 2024


The Aussie dollar attempted to regain ground as it went into northern hemisphere trading time, but the pair ran out of steam as ‘risk assets’ soured and the US-dollar dug in once again, following the release of an upbeat US Jobless Claims report and May S&P Global PMI’s that spurred on Treasury yields. Equity markets, commodity prices and gold have all been revised lower in the overnight session and dragged the performance of the AUDUSD lower with it. As expected the currency has found resistance at the old support of 0.6650’s and short term indicators are rolling over to a bearish tilt to finish the week.  Analyst are starting to look ahead to next week’s Australian April CPI report, due May 29, mulling over the quarterly data and how it will likely tilt the RBA in its interest rate policy guidance. For the AUDUSD in to the week end, any strength will find initial resistance at 0.6650’s for the time being and a break down of the 0.66-figure would open up further correction to 0.6550/60 zone.

Wall Street stocks fell across the day as investor concerns for interest rates in the US to remain higher for longer, continued to rattle the outlook. The DJI fell -1.5%, the S&P500 lost -0.7% and the Nasdaq was down -0.4% for the day. Australian shares are expected to open lower today as well following the Wall Street moves overnight, that have dented commodity prices and raised concerns for equity investors.

Gold prices dropped 1.8% for the day, as traders softened their expectations of when the Fed will look to be easing rates later this year and how the economy is responding amidst latest data.

Copper prices eased again for another session, as traders and funds continue to take near-term profits from recent record highs. Iron Ore prices fell along with the broader commodity complex and cast aside any support offered from recent China stimulus initiatives.

Brent Crude prices fall again, as traders consider a downgrade in demand on the tail of ‘higher for longer’ interest rates from the US Fed.



Open today 0.6606

Yesterday’s Range 0.6598 / 0.6653


Open today  0.6099

Yesterday’s Range 0.6091 / 0.6134


Yesterday’s Range 1.0826 / 1.866


Yesterday’s Range 0.6106 / 0.6126


Yesterday’s Range 4.7885 / 4.8243


Yesterday’s Range 0.5199 / 0.5220


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Economic Calendar

EUR - German Final GDP q/q
GBP - Retail Sales m/m
CHF - SNB Chairman Jordan Speaks
All - G7 Meetings
CNY - Foreign Direct Investment ytd/y
EUR - German Buba President Nagel Speaks
CAD - Core Retail Sales m/m
CAD - Retail Sales m/m
CAD - Corporate Profits q/q
USD - Core Durable Goods Orders m/m
USD - Durable Goods Orders m/m
USD - FOMC Member Waller Speaks
USD - Revised UoM Consumer Sentiment
USD - Revised UoM Inflation Expectations

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.6653 0.65966
nzd/usd 0.61337 0.60838
aud/nzd 1.08522 1.07948
usd/jpy 157.194 156.509
usd/cad 1.37432 1.36564
eur/usd 1.0861 1.07956
gbp/usd 1.27464 1.26776
aud/eur 1.63782 1.63239
aud/jpy 104.243 103.468
Equities and Commodities
S&P 500 5269.48
DOW 39029.4
Nasdaq 100 18619.5
ASX200 7732.96
GOLD 2328.2
WTI 77.07

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.