Marketwatch APAC

Daily Insights
May 13, 2024

Market Watch APAC – 14th May 2024


The AUDUSD traded around the ‘pivot’ of 0.66-cents  yesterday and found support from improving commodity price interests, but markets remain in a holding pattern as they await the outcomes of US CPI release and Australian Jobs report to provide some confidence for risk markets to traverse higher. Today in Australia we look to the Australian Federal Budget, which will be monitored closely for inflationary outcomes, due to the tax cut promises and infrastructure spending announcements. The Treasury is expected to report a budget surplus of $9.3bn for 2024, mostly from the good fortune of Iron Ore exports and prices. Possible tensions between US and China as the US administration looks to apply potential tariffs on China will not be supportive for the antipodean currencies. The AUDUSD opens the Asia session again above 0.66-cents, with noted strong resistance at  0.6650/75 zone prevailing. Support seen overnight at 0.6575/85 zone and continuing behind at 0.6550’s in the short term.

Wall Street indices spent another session in a holding pattern with the S&P500 barely changing for the day , as investors await the US CPI data due out later this week, where concerns remain as to whether it is returning to target levels quickly enough. The DJI fell -0.2%, the S&P500 was down just -0.02%, but the Nasdaq gained 0.3% for the session. Australian shares are poised to open lower today, as investors hold out for the US inflation read to reaffirm interest rate expectations later in the year for both the RBA and the Fed.

Gold prices dropped 1% in the opening sessions of the week, as investors awaited fresh data for the direction and timing of Fed rate cuts this year.

Copper prices attracted fresh attention and were up 1.9% on the LME, as traders looked to easing interest rate conditions to stimulate global growth. Dalian Iron Ore futures prices strengthened after China authorities added news of further bond issuances to support their economy.

Brent Crude reversed higher clearing Friday’s losses as signs of improving demand from China and US supported crude outlook.



Open today 0.6608

Yesterday’s Range 0.6586 / 0.6628


Open today  0.6017

Yesterday’s Range 0.6001 / 0.6033


Yesterday’s Range 1.0948 / 1.0997


Yesterday’s Range 0.6116 / 0.6136


Yesterday’s Range 4.7678 / 4.7977


Yesterday’s Range 0.5259 / 0.5279

Economic Calendar

EUR - German Final CPI m/m
GBP - Claimant Count Change
GBP - Average Earnings Index 3m/y
GBP - Unemployment Rate
JPY - Prelim Machine Tool Orders y/y
CNY - Foreign Direct Investment ytd/y
CHF - PPI m/m
GBP - MPC Member Pill Speaks
EUR - German ZEW Economic Sentiment
EUR - ZEW Economic Sentiment
EUR - EU Economic Forecasts
EUR - ECOFIN Meetings
AUD - Annual Budget Release
USD - NFIB Small Business Index
CAD - Wholesale Sales m/m
USD - Core PPI m/m
USD - PPI m/m
USD - FOMC Member Cook Speaks
GBP - CB Leading Index m/m
USD - Fed Chair Powell Speaks
USD - Mortgage Delinquencies

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66286 0.65855
nzd/usd 0.60309 0.59841
aud/nzd 1.09971 1.0937
usd/jpy 156.252 155.491
usd/cad 1.36895 1.3645
eur/usd 1.08068 1.07657
gbp/usd 1.25686 1.25149
aud/eur 1.6352 1.62972
aud/jpy 103.265 102.598
Equities and Commodities
S&P 500 5222.44
DOW 39435.1
Nasdaq 100 18203.4
ASX200 7752.47
GOLD 2335.9
WTI 79.2

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.