Marketwatch APAC

Daily Insights
June 5, 2024

Market Watch APAC – 6th June 2024


The AUDUSD has had a day of going nowhere, showing little response to local data and overnight releases from the US. It has consolidated around the 0.6650 area and awaits further evidence that risk sentiment can improve. Australian Q1 GDP came in just +0.1% qoq versus a +0.2% expectation and the currency was little changed while yields fell on 3y and 10y bonds. For the AUDUSD today, any strength remains resisted at the 0.6690/00 zone again and declines will look for initial support at 0.6600/10’s.

Wall Street stocks were higher over the day,  led by tech stocks as expectations build for a more imminent rate cut  from the Fed in September meeting. The DJI was up +0.3%, while the S&P500 gained +1% and the Nasdaq also gained +1.7% for the day. Australian shares are looking to open marginally higher today supported by commodities sector and heightened risk sentiment driven by expectations of a pivot in the Fed funds rate building around the September meeting.

Gold prices regained their previous day’s losses as US Treasury yields fell after the US Private Payrolls data brought forward expectations for a rate cut from the Fed.

Copper prices on the LME slipped once again, driven by lacklustre demand from China. Dalian Iron Ore prices remain soft, as prospects deteriorate for China demand, particularly with high portside inventories as they are.

Brent Crude prices rallied today, after US data releases regenerated optimism that the Fed will be able to cut rates sooner and help stimulate demand back in to the market.



Open today 0.6648

Yesterday’s Range 0.6625 / 0.6664


Open today  0.6193

Yesterday’s Range 0.6169 / 0.6198


Yesterday’s Range 1.0728 / 1.0778


Yesterday’s Range 0.6093 / 0.6126


Yesterday’s Range 4.8063 / 4.8336


Yesterday’s Range 0.5189 / 0.5215


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Economic Calendar

NZD - ANZ Commodity Prices m/m
AUD - Goods Trade Balance
AUD - ANZ Job Advertisements m/m
JPY - 30-y Bond Auction
CHF - Unemployment Rate
EUR - German Factory Orders m/m
EUR - Italian Retail Sales m/m
GBP - Construction PMI
EUR - Retail Sales m/m
EUR - French 10-y Bond Auction
EUR - European Parliamentary Elections
USD - Challenger Job Cuts y/y
EUR - Main Refinancing Rate
EUR - Monetary Policy Statement
CAD - Trade Balance
USD - Unemployment Claims
USD - Revised Nonfarm Productivity q/q
USD - Revised Unit Labor Costs q/q
USD - Trade Balance
EUR - ECB Press Conference
CAD - Ivey PMI
USD - Natural Gas Storage
NZD - Manufacturing Sales q/q
JPY - Household Spending y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66644 0.66259
nzd/usd 0.61981 0.61537
aud/nzd 1.07738 1.07154
usd/jpy 156.481 155.092
usd/cad 1.37414 1.36652
eur/usd 1.08916 1.08543
gbp/usd 1.27951 1.27554
aud/eur 1.63956 1.63216
aud/jpy 104.002 103.043
Equities and Commodities
S&P 500 5356.91
DOW 38791.8
Nasdaq 100 19052
ASX200 7814.91
GOLD 2354.6
WTI 74.32

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.