Marketwatch APAC

Daily Insights
May 29, 2024

Market Watch APAC – 30th May 2024


Further gains in US Treasury yields has driven the dollar higher and understandably weighed on risk markets and risk currencies. The AUDUSD has traded down to the lows of 0.66-cents overnight. Australian inflation numbers, yesterday, saw the CPI rise to 3.6% yoy and above expectations, to underpin the notion that the RBA will have to hold rates higher-for-longer to combat this trend. For now it will have committee members on edge at the next meeting in June.  RBA Deputy Governor Sarah Hunter speaks this morning. Australian Building Approvals  for April and Private Capex for Q1 will add to the Reserve Bank’s data dependent ‘kit-bag’ for its rates decision next month. For the Asia session today, any strength will look to regain the 0.6650/60 zone and a further decline will look for some support at 0.6560’s.Tonight, the US releases the Annualised GDP Q1 and Initial Jobless Claims for the week, that will be closely monitored by traders.

Wall Street indices closed lower today as US-Treasury yields gained with investors troubled over the timing and scale of US interest rate cuts. The DJI fell -1.1% loss, while the S&P500 lost -0.8% and the Nasdaq declined -0.6% for the day. Australian shares are expected to open lower today, following the hotter than expected inflation read that cooled any near-term hope for lower interest rates from the RBA.

Gold prices retreated as US-dollar strengthened with rising Treasury yields and hawkish rhetoric from Fed Officials and markets positioned ahead of the key US data due out tonight.

Copper prices on the LME declined, though speculative interest remains high. Dalian Iron Ore prices traded flat, as traders continue to re-assess demand for steel in China at this time of the year.

Brent Crude prices pulled back today, as growing concerns that US interest rates will remain high and dampen fuel demand.



Open today 0.6610

Yesterday’s Range 0.6610 / 0.6664


Open today  0.6115

Yesterday’s Range 0.6112 / 0.6149


Yesterday’s Range 1.0810 / 1.0851


Yesterday’s Range 0.6110 / 0.6144


Yesterday’s Range 4.8075 / 4.8424


Yesterday’s Range 0.5199 / 0.5225


We hope you have found our expertly curated MarketWatch analysis useful in navigating the ever-changing FX landscape. To enhance our services and make sure you receive the most relevant and timely insights we have recently made some exciting updates to our newsletter.

To continue receiving our curated MarketWatch insights, we kindly request you resubscribe to our mailing list here:

Economic Calendar

CHF - SNB Chairman Jordan Speaks
AUD - Building Approvals m/m
AUD - Private Capital Expenditure q/q
NZD - Annual Budget Release
CHF - Trade Balance
CHF - GDP q/q
CHF - KOF Economic Barometer
EUR - Spanish Flash CPI y/y
EUR - Italian Monthly Unemployment Rate
EUR - Unemployment Rate
EUR - Italian 10-y Bond Auction
CAD - Current Account
USD - Prelim GDP q/q
USD - Unemployment Claims
USD - Prelim GDP Price Index q/q
USD - Goods Trade Balance
USD - Prelim Wholesale Inventories m/m
USD - Pending Home Sales m/m
USD - Natural Gas Storage
USD - Crude Oil Inventories
USD - FOMC Member Williams Speaks
JPY - Tokyo Core CPI y/y
JPY - Unemployment Rate
JPY - Prelim Industrial Production m/m
JPY - Retail Sales y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66655 0.65995
nzd/usd 0.61478 0.60945
aud/nzd 1.08483 1.07601
usd/jpy 157.708 156.89
usd/cad 1.37189 1.36461
eur/usd 1.08587 1.07954
gbp/usd 1.27717 1.26844
aud/eur 1.63735 1.62745
aud/jpy 104.86 104.008
Equities and Commodities
S&P 500 5257.39
DOW 38169.6
Nasdaq 100 18695.9
ASX200 7613.73
GOLD 2338.6
WTI 79.29

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.