Marketwatch APAC

Daily Insights
May 12, 2024

Market Watch APAC – 13th May 2024


The AUDUSD was softer heading into the final session of last week, but maintains above the 0.66-cent handle. A less dovish RBA from earlier in the week should help to keep the AUD firm, but is finding itself reacting to day to day data releases particularly against the US-dollar. The US-dollar is considered the safe haven currency, so any nervousness in market sentiment  or vulnerable data releases has see swift migration back to support it. There is a lot of key data releases around this week, with a local read on the NAB Business confidence today, followed by Wage Price  on Wednesday and the Employment data on Thursday. Tomorrow also will be the Aust Federal Budget. From the US, markets will await the US CPI release due Wednesday night AEST. The AUDUSD opens above 0.66-cents in Asia today, though strong resistance at  0.6650/75 zone prevails. Support continues at 0.6550’s in the short term.

Wall Street indices ended the day mixed once again, as the Dow stretched its gains while investors keep expectations for a more accommodative monetary policy before the end of the year and looked ahead to the US inflation data due out this week. The DJI rose +0.3%, while the S&P500 was up +0.2%, but the Nasdaq lost -0.03% for the session. Australian shares are looking to open lower today, as investors look forward to the release of local jobs numbers and the US inflation read to reaffirm interest rate expectations later in the year for both the RBA and the Fed.

Gold prices edged higher on Friday, as investors reconsidered the timing of rate cuts this year and awaited fresh data for direction.

Copper prices were up 1% on the LME as funds and traders looked to square out the positions ahead of a busy week of US and global data. Dalian Iron Ore futures were lower again on Friday, weighed by rising portside inventories and nervousness over imminent demand, though emerging stimulus measures for the property sector from China authorities, did offer some support.

Brent Crude closed down 1.3% at $82.79/bbl on Friday, as commentary from US Fed officials lends to higher for longer interest rates, that would curb demand for crude consumers.



Open today 0.6613

Yesterday’s Range 0.6596 / 0.6626


Open today  0.6013

Yesterday’s Range 0.6009 / 0.6040


Yesterday’s Range 1.0960 / 1.0991


Yesterday’s Range 0.6125 / 0.6143


Yesterday’s Range 4.7703 / 4.7902


Yesterday’s Range 0.5269 / 0.5286

Economic Calendar

AUD - NAB Business Confidence
NZD - Inflation Expectations q/q
CNY - Foreign Direct Investment ytd/y
CHF - SECO Consumer Climate
EUR - EU Economic Forecasts
EUR - Eurogroup Meetings
CAD - Building Permits m/m
USD - FOMC Member Jefferson Speaks
USD - FOMC Member Mester Speaks
USD - Mortgage Delinquencies
CHF - SNB Chairman Jordan Speaks
NZD - Visitor Arrivals m/m
JPY - PPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66223 0.65959
nzd/usd 0.60365 0.60086
aud/nzd 1.09905 1.0962
usd/jpy 155.903 155.359
usd/cad 1.369 1.36251
eur/usd 1.079 1.07602
gbp/usd 1.2541 1.25024
aud/eur 1.63262 1.62862
aud/jpy 103.075 102.738
Equities and Commodities
S&P 500 5219.14
DOW 39481.3
Nasdaq 100 18151.9
ASX200 7745.54
GOLD 2359.62
WTI 78.17

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.