Marketwatch APAC

Daily Insights
May 5, 2024

Market Watch APAC – 6th May 2024


The US-dollar retreated on Friday after the US Non-farm Payrolls came in softer than expected, easing concerns that the Fed would be keeping rates higher for longer. Risk assets and market sentiment have all received a boost and open the new week on the front foot. The AUDUSD closed Friday +0.7% higher as US treasury yields slipped and as JPY and the CNH both strengthened, as conditions appeared to turn more favourable for the US Fed to remain on path for a rate cut at the back end of the year. For Australia this week, we look forward to the RBA Meeting on Tuesday, which is expected to exhibit a hawkish tilt as suggested by economists, but delivering no change. The AUDUSD now looks to support initially at the 0.6550’s and strong resistance emerging in to the 0.6665/75 zone. The UK’s Bank of England also is due to release their interest rate decision for the month on Thursday. China data and US Fed speakers will also be in focus for the markets this week.

Wall Street stocks ran higher following the softer than expected US payrolls report which underpins the case for US Fed rate cuts all the while exhibiting evidence of US economic resilience. The DJI rose +1.2%, while the S&P500 gained +1.3% and the Nasdaq added +2% for the session. Australian shares are looking to open slightly higher today, as investors digest the US employment data and await the RBA meeting outcome tomorrow and what it will mean for the local interest rate outlook.

Gold prices eased after the softer US Payrolls data with investors seen taking profits while geo-political tensions ease in the Middle East.

Copper prices recovered , helped by a softer US-dollar and evidence of supply frustrations due to mine disruptions.

Brent Crude prices settled lower for the day and week, on rising inventories and the expectations for US interest rates near term.



Open today 0.6597

Yesterday’s Range 0.6563 / 0.6653


Open today  0.6018

Yesterday’s Range 0.5952 / 0.6049


Yesterday’s Range 1.0971 / 1.1032


Yesterday’s Range 0.6115 / 0.6161


Yesterday’s Range 4.7282 / 4.7794


Yesterday’s Range 0.5235 / 0.5278

Economic Calendar

AUD - MI Inflation Gauge m/m
NZD - ANZ Commodity Prices m/m
AUD - ANZ Job Advertisements m/m
CNY - Caixin Services PMI
EUR - Spanish Unemployment Change
GBP - Bank Holiday
EUR - Spanish Services PMI
EUR - Italian Services PMI
EUR - French Final Services PMI
EUR - German Final Services PMI
EUR - Final Services PMI
EUR - Sentix Investor Confidence
EUR - PPI m/m
EUR - German Buba President Nagel Speaks
CHF - SNB Chairman Jordan Speaks
USD - FOMC Member Barkin Speaks
USD - FOMC Member Williams Speaks
USD - Loan Officer Survey
GBP - BRC Retail Sales Monitor y/y

Market Indicators

Currency Pairs
Pair High Low
Equities and Commodities
S&P 500
Nasdaq 100

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.