Marketwatch APAC

Daily Insights
June 11, 2024

Market Watch APAC – 13th June 2024


The release of the US inflation data commenced a busy session offshore for the US-dollar, core CPI for May coming in at +0.2%, but the pronounced reaction for the dollar was the post-FOMC meeting statement, that saw Chairman Powell reiterate the bank’s focus on the US labour market, noting a strong but cooling trend. Should unemployment change dramatically the central bank will be ready to respond accordingly. The shift for the committee’s dot plot on rates from three to one sent the US-dollar lower across the G10 counter currencies. This helped to underpin a modest move higher for the AUDUSD and more so for the NZDUSD downunder. Heading in to Asia today the focus shifts for the Aussie to the local Employment data, where consensus is looking for a rise in employment of +30k and the Unemployment rate to ease to 4.0%. Traders will be cogniscent of the release and its influence for RBA expectations and subsequent movement on the AUD. Levels to watch for the AUDUSD today are support at the 0.6610/25 zone nearby and rallies finding supply in to 0.6695/6715 on any strength. Heading in to the Employment numbers will see limited positioning around the 0.6650 pivot.

Wall Street indices saw record closing highs for the Nasdaq and the S&P, after the US inflation data came in higher, but softer than expectations, and the Fed revised their rate cut expectations to just one for move lower for the calendar year. The S&P500 gained +0.9% and the Nasdaq rose +1.5% also, however the DJI eased lower -0.1% for the day. Australian shares will be looking ahead to the Australian Employment data this morning, though higher Oil prices and gains on Gold should underpin higher moves.

Gold prices managed small gains for the day, though it pared daily gains after the US Fed proposed just the one interest rate cut eventuating for this year.

Copper prices bounced higher by 1.8% on the day as the US-dollar fell after the US CPI data release overnight. Iron Ore prices on the Dalian Commodity Exchange continued their decline amidst directionless trading as China demand wavers along with elevated portside inventories.

Brent Crude prices settled higher at close with Middle East tensions falling back in to focus and lending support for prices.



Open today 0.6664

Yesterday’s Range 0.6598 / 0.6706


Open today  0.6186

Yesterday’s Range 0.6135 / 0.6222


Yesterday’s Range 1.0745 / 1.0799


Yesterday’s Range 0.6141 / 0.6185


Yesterday’s Range 4.7983 / 4.8637


Yesterday’s Range 0.5179 / 0.5222


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Economic Calendar

AUD - Employment Change
AUD - Unemployment Rate
EUR - German WPI m/m
CHF - PPI m/m
EUR - Italian Quarterly Unemployment Rate
CNY - New Loans
CNY - M2 Money Supply y/y
EUR - Industrial Production m/m
GBP - BOE Quarterly Bulletin
USD - Core PPI m/m
USD - PPI m/m
USD - Unemployment Claims
CAD - Gov Council Member Kozicki Speaks
USD - Natural Gas Storage
USD - Treasury Sec Yellen Speaks
USD - FOMC Member Williams Speaks
CAD - BOC Gov Macklem Speaks
USD - 30-y Bond Auction
NZD - BusinessNZ Manufacturing Index
NZD - FPI m/m

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.67043 0.65969
nzd/usd 0.62219 0.61345
aud/nzd 1.07828 1.07362
usd/jpy 157.371 155.716
usd/cad 1.37605 1.36798
eur/usd 1.08523 1.07345
gbp/usd 1.28604 1.27326
aud/eur 1.62825 1.61613
aud/jpy 104.54 103.673
Equities and Commodities
S&P 500 5433.32
DOW 38692.2
Nasdaq 100 19587.5
ASX200 7773.82
GOLD 2322.5
WTI 78.29

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.