Marketwatch APAC

Daily Insights
May 2, 2024

Market Watch APAC – 3rd May 2024


The US-dollar continues to tumble, as US Treasury yields drop in the wake of the FOMC meeting earlier in the week. Also adding pressure is the lingering chance the BoJ implements some sort of currency intervention. In Australia today we await some second tier data  in the form of Services PMI for April and Home Loan Value for March. Then later today, will be the US Payrolls report for April, and Factory Orders that will be closely watched by traders tonight. The AUDUSD is managing to consolidate above the 0.65-cent handle and trading familiar ranges between 0.6450 and 0.6650. For now the AUDUSD leans bullish and opens the Asia session holding above the short-term moving averages. Day traders and fast money funds will look to continue to buy into any strength but will be mindful of the US data releases ahead of the weekend.

Wall Street stocks finished the day higher as investors contemplate the aftermath of US Fed leaving rates on hold and adding that the next move will most likely be a cut in rates. A number of corporates are announcing their quarterly results which have been mixed of late. The DJI rose +0.9%, while the S&P500 gained +0.9% and the Nasdaq added +1.5% for the session. Australian shares are looking to open with small gains today, as investors await the RBA meeting next week and what it could mean for the local interest rate outlook.

Gold prices gave back its previous day gains, as investors pondered the latest US Fed commentary and returned to the notion that rates will remain higher for longer.

Copper prices slipped again for the session, as traders continue square off and take near term profits around three year highs, all the while expectations that physical demand remains weak in China.  The Dalian Commodity exchange closed for the Chinese public holiday.

Brent Crude prices settled lower on rising inventories and the lesser chance of a quick turnaround in US interest rates any time soon.



Open today 0.6565

Yesterday’s Range 0.6514 / 0.6573


Open today  0.5962

Yesterday’s Range 0.5915 / 0.5968


Yesterday’s Range 1.0992 / 1.1029


Yesterday’s Range 0.6080 / 0.6126


Yesterday’s Range 4.7151 / 4.7345


Yesterday’s Range 0.5200 / 0.5242


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Economic Calendar

CNY - Bank Holiday
EUR - French Gov Budget Balance
EUR - French Industrial Production m/m
EUR - Spanish Unemployment Change
EUR - Italian Monthly Unemployment Rate
GBP - Final Services PMI
EUR - Unemployment Rate
USD - Average Hourly Earnings m/m
USD - Non-Farm Employment Change
USD - Unemployment Rate
USD - Final Services PMI
USD - FOMC Member Bowman Speaks
USD - ISM Services PMI
USD - FOMC Member Williams Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.6573 0.65153
nzd/usd 0.59679 0.59142
aud/nzd 1.10271 1.09851
usd/jpy 156.282 153.054
usd/cad 1.37368 1.36678
eur/usd 1.07301 1.0674
gbp/usd 1.25444 1.24716
aud/eur 1.6434 1.63224
aud/jpy 102.044 100.457
Equities and Commodities
S&P 500 5085.73
DOW 38478.1
Nasdaq 100 17643.4
ASX200 7621.82
GOLD 2303.1
WTI 79.1

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.