Marketwatch APAC

Daily Insights
May 1, 2024

Market Watch APAC – 2nd May 2024


The US-dollar fell after the FOMC expressed inflation concerns and Fed Chair Powell suggested that there will be no further rate hikes at his post meeting pressor. The Fed also scaled back their pace of quantitative easing, as was expected. Powell said it will probably take longer than previously expected for the Fed to be confident with the inflation trajectory, before they start cutting rates. The US-dollar lost ground against all the G10 peers and particularly against the Swedish Kroner and the Aussie Dollar, with the latter gaining 1% over the session.  For the AUDUSD now the technicals have moved back to bullish and opens the Asia session above the short-term moving averages. Traders will be looking to consolidate gains and watch the 0.6450/75 zone for support , while any strength will require further gains above 0.6560’s to draw further interest to the topside.

Wall Street stocks finished the day in mixed fashion after the US Fed left rates on hold as widely expected, but flagged the next move will be a cut in rates. The DJI rose +0.2%, while the S&P500 fell -0.4% and the Nasdaq lost -0.3%. Australian shares are looking to open lower today as investors digest the happenings of the Fed meeting and what it means for interest rate outlook.

Gold prices recouped near all of its previous day losses, as the US dollar and US Treasury yields sank after the US Fed meeting and Jerome Powell’s post meeting comments.

Copper prices slipped again for the session, as fund managers look to take near term profits around three year highs.  The Dalian Commodity exchange Iron Ore futures dropped slightly, ahead of the Chinese public holiday, but there were still overall monthly gains, as traders see optimism that their property sector can improve.

Brent Crude prices dropped another -3% spurred on by a rise in US Crude production, hopes for a Middle East ceasefire and fading hopes of a US Fed rate cut any time too soon.



Open today 0.6523

Yesterday’s Range 0.6466 / 0.6539


Open today  0.5929

Yesterday’s Range 0.5875 / 0.5940


Yesterday’s Range 1.0975 / 1.1020


Yesterday’s Range 0.6064 / 0.6095


Yesterday’s Range 4.6873 / 4.7314


Yesterday’s Range 0.5178 / 0.5212


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Economic Calendar

CNY - Bank Holiday
AUD - Building Approvals m/m
AUD - Goods Trade Balance
JPY - Consumer Confidence
CHF - CPI m/m
CHF - Retail Sales y/y
EUR - Spanish Manufacturing PMI
CHF - Manufacturing PMI
EUR - Italian Manufacturing PMI
EUR - French Final Manufacturing PMI
EUR - German Final Manufacturing PMI
EUR - Final Manufacturing PMI
EUR - French 10-y Bond Auction
USD - Challenger Job Cuts y/y
CAD - Trade Balance
USD - Unemployment Claims
USD - Prelim Nonfarm Productivity q/q
USD - Prelim Unit Labor Costs q/q
USD - Trade Balance
CAD - BOC Gov Macklem Speaks
USD - Factory Orders m/m
USD - Natural Gas Storage
JPY - Bank Holiday

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65399 0.64651
nzd/usd 0.594 0.58767
aud/nzd 1.10158 1.09758
usd/jpy 157.985 152.988
usd/cad 1.37828 1.37032
eur/usd 1.07325 1.06493
gbp/usd 1.255 1.24662
aud/eur 1.64892 1.6359
aud/jpy 102.749 99.886
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.