Marketwatch APAC

Daily Insights
May 30, 2024

Market Watch APAC – 31st May 2024


The US-dollar unraveled some of its recent gains, as US Treasury yields wound back on downward revisions to Annualised GDP Q1 reports and comments out of the Fed, that saw positioning on the tail of month-end flows. Analysts initial reaction is to consider the Fed will be more likely to cut rates in a cooling economy as the evidence begins to add up for them, but it will be the core PCE release tonight that is the central bank’s preferred inflation measure. The AUDUSD has responded with gains back to the daily resistance at 0.6650 and marched in tune to the gains from Chinese Renminbi versus the dollar. For the Asia session again today, any strength will look to regain the 0.6650/60 zone and any decline will look for initial support at 0.6600/10’s. Tonight’s release of the US April PCE and how it relates to Fed policy will be closely watched by traders.

Wall Street stocks were lower today but did manage to recover some after the US growth data release. The DJI fell -0.9%, while the S&P500 lost -0.6% and the Nasdaq declined -1.1% for the day. Australian shares should open higher today after the US growth data raised hopes that the Fed will have reason to cut the Funds rate at least once before the year is out.

Gold prices managed to finish the day in the black, thanks to softer Treasury yields and US-dollar following the latest data drop for growth, raising hopes that the Fed will cut rates by the end of the year, at least once.

Copper prices on the LME declined, with noted spec positions starting to unwind on fears of declining demand if interest rates remain high and affect base metals demand. Dalian Iron Ore prices fell for the day with traders continuing to re-assess demand for steel in China, as authorities reiterate their position to monitor steel output.

Brent Crude prices slipped lower again today, as US reports a weekly fall in fuel demand and gasoline and distillate inventories rising.



Open today 0.6633

Yesterday’s Range 0.6590 / 0.6647


Open today  0.6115

Yesterday’s Range 0.6089 / 0.6131


Yesterday’s Range 1.0807 / 1.0851


Yesterday’s Range 0.6110 / 0.6130


Yesterday’s Range 4.7904 / 4.8213


Yesterday’s Range 0.5197 / 0.5218


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Economic Calendar

AUD - Private Sector Credit m/m
CNY - Manufacturing PMI
CNY - Non-Manufacturing PMI
NZD - Annual Budget Release
JPY - Housing Starts y/y
EUR - French Final Private Payrolls q/q
EUR - German Import Prices m/m
EUR - German Retail Sales m/m
GBP - Nationwide HPI m/m
CHF - Retail Sales y/y
EUR - French Consumer Spending m/m
EUR - French Prelim CPI m/m
EUR - French Prelim GDP q/q
GBP - M4 Money Supply m/m
GBP - Mortgage Approvals
GBP - Net Lending to Individuals m/m
EUR - Core CPI Flash Estimate y/y
EUR - CPI Flash Estimate y/y
EUR - Italian Prelim CPI m/m
CAD - GDP m/m
USD - Core PCE Price Index m/m
USD - Personal Income m/m
USD - Personal Spending m/m
USD - Chicago PMI
USD - FOMC Member Bostic Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66475 0.65906
nzd/usd 0.61312 0.60785
aud/nzd 1.08495 1.08136
usd/jpy 157.624 156.368
usd/cad 1.37347 1.36598
eur/usd 1.0845 1.07881
gbp/usd 1.27472 1.26807
aud/eur 1.6368 1.6289
aud/jpy 104.248 103.357
Equities and Commodities
S&P 500 5238.11
DOW 38102.4
Nasdaq 100 18547.1
ASX200 7686.37
GOLD 2342.8
WTI 77.87

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.