Marketwatch APAC

Daily Insights
May 8, 2024

Market Watch APAC – 9th May 2024


The AUDUSD retreated for another day, as markets remain firmly fixated on the timing of the central bank rate cuts and the differentials that may favour one currency over the other. The Aussie swaps markets have largely discounted any further rate hikes by the RBA over the back end of the year and lowered prices into the new year, representing the timing of their first expected cut. Retreating copper prices have also weighed on the sentiment for the antipodean currencies. The AUDUSD has remained heavy with rallies limited to 0.66-cents while strong resistance at  0.6650/75 zone prevails. Support continues at 0.6550’s in the short term.

Wall Street indices ended the day mixed with just the Dow stretching its gains as investors keep expectations for a more accommodative monetary policy before the end of the year. The DJI rose +0.4%, while the S&P500 was flat and the Nasdaq lost -0.2% for the session. Australian shares are looking to open heavier today, as Iron Ore prices soften, weighing on the mining sector.

Gold prices ended the session near flat, as investors reconsidered the timing of rate cuts this year and awaited fresh data for direction.

Copper prices dropped for the day as the US-dollar made small gains, but expectations for higher demand across the energy transition keeps sentiment buoyant. Dalian Iron Ore futures were softer yesterday, weighed by rising portside inventories and even as traders assess proposed stimulus measures for the property sector from China authorities.

Brent Crude and WTI prices settled slightly higher, as US crude inventory data showed a fall last week, while refiners were ramping up production in preparation for the US summer driving season.



Open today 0.6579

Yesterday’s Range 0.6558 / 0.6600


Open today  0.6004

Yesterday’s Range 0.5982 / 0.6006


Yesterday’s Range 1.0954 / 1.0999


Yesterday’s Range 0.6104 / 0.6137


Yesterday’s Range 4.7427 / 4.7643


Yesterday’s Range 0.5254 / 0.5277

Economic Calendar

CNY - Trade Balance
CNY - USD-Denominated Trade Balance
JPY - Leading Indicators
CHF - Bank Holiday
EUR - French Bank Holiday
EUR - German Bank Holiday
CNY - M2 Money Supply y/y
CNY - New Loans
GBP - BOE Monetary Policy Report
GBP - Monetary Policy Summary
GBP - MPC Official Bank Rate Votes
GBP - Official Bank Rate
GBP - BOE Gov Bailey Speaks
USD - Unemployment Claims
CAD - BOC Financial System Review
USD - Mortgage Delinquencies
USD - Natural Gas Storage
CAD - BOC Gov Macklem Speaks
GBP - MPC Member Pill Speaks
USD - 30-y Bond Auction
USD - FOMC Member Daly Speaks
NZD - BusinessNZ Manufacturing Index
JPY - Household Spending y/y
JPY - Bank Lending y/y
JPY - Current Account

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.