Market Watch APAC – 11th June 2024
After a sell off on the AUDUSD on Friday night, following the surprise US Non-Farm Payrolls, a pick up in commodity prices has helped to underpin gains in the Aussie Dollar. The release of the NAB business conditions and confidence numbers will draw attention for local traders, but releases in the US for May CPI and the FOMC meeting will attract the major attention near-term. Option expiries at 0.6590 and 0.6600 for notable size will keep trading tight for our session today. For the AUDUSD today, trading will remain cautious, with support holding above 0.6550’s and rallies finding supply in to 0.6635/50 on any strength.
Wall Street stock indices were higher for the day although investors remain cautious ahead of this week’s CPI release and the FOMC policy announcement. The DJI was up +0.2%, while the S&P500 gained +0.3% and the Nasdaq rose +0.4% also. Australian shares are looking to ease today, as investors remain cautious ahead of the US inflation data later this week, though a firm commodities complex may offer some support to the mining and energy sectors.
Gold prices ended the day with modest gains as investors positioned ahead of the US inflation data and the results of the FOMC meeting later this week.
Copper prices on the LME rallied up 1.4% as trader focus shifted to demand potential. Dalian Commodity exchange was closed for Dragon Boat Festival Holiday.
Brent Crude prices were up 3% by close as focus shifted to hopes of rising demand over the northern hemisphere summer despite a stronger US-dollar.
| AUDUSD
Open today 0.6610 Yesterday’s Range 0.6577 / 0.6611 |
NZDUSD
Open today 0.6128 Yesterday’s Range 0.6099 / 0.6128 |
AUDNZD
Yesterday’s Range 1.0764 / 1.0802 |
| AUDEUR
Yesterday’s Range 0.6099 / 0.6150 |
AUDCNH
Yesterday’s Range 4.7775 / 4.8036 |
AUDGBP
Yesterday’s Range 0.5166 / 0.5193 |
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