Marketwatch APAC

Daily Insights
May 20, 2024

Market Watch APAC – 21st May 2024


A tentative set of ‘risk’ markets has seen the antipodean currencies ease back from their overnight highs, though still consolidating the new ranges. Commodities gave up gains from Asia, but gold and copper have been the exception, bounding higher. The first cohort of Fed officials added comment to the need for inflation to retreat before considering any rate cuts from the FOMC and another slew of Fed speakers are expected to comment tonight. The AUDUSD opens the Asia session just behind the 0.6670’s  and still leans bullish, looking for the chance to regain 0.67-cents, as has been the case in the last few sessions. The RBA Minutes of the May meeting are due out today, along with the Westpac Consumer Confidence measure. Analysts will be reviewing the RBA Minutes to confirm the bank’s view that while inflation remains well above their target , they will be hesitant to start lowering rates any time soon. Support should prevail at 0.6645/55 for the day on any immediate pullback. The pair looks to be consolidating a new range between 0.6650 and 0.6750 on early technicals.

Wall Street indices were mixed for the day with the Nasdaq leading the charge as tech stocks advanced ahead of Nvidia’s highly anticipated earnings report and as investors once again ponder the scenarios for Fed interest rate cuts later this year. The S&P finished in the black but the Dow fell. The DJI ended down -0.5%, the S&P500 gained +0.05% and the Nasdaq was up +0.5% for the day. Australian shares are expected to open softer today after mixed commodity prices amidst lower crude, but higher gold and mixed metals.

Gold prices and ticked off another all-time high as traders look to the timing of Fed rate cuts later in the year and China’s stimulus measures lifting demand.

Copper prices rallied for another session spurred on by short covering and momentum speculators. Iron Ore prices were higher for the day as China authorities announce their latest support measures for the property sector.

Brent Crude prices eased as US Fed official look to hose down rate cut expectations, pointing to more signs of easing inflation before they would consider the possibility.



Open today 0.6667

Yesterday’s Range 0.6663 / 0.6709


Open today  0.6105

Yesterday’s Range 0.6097 / 0.6140


Yesterday’s Range 1.0901 / 1.0944


Yesterday’s Range 0.6138 / 0.6167


Yesterday’s Range 4.8262 / 4.8554


Yesterday’s Range 0.5247 / 0.5280

Economic Calendar

AUD - Westpac Consumer Sentiment
AUD - Monetary Policy Meeting Minutes
NZD - Credit Card Spending y/y
EUR - German PPI m/m
CNY - Foreign Direct Investment ytd/y
EUR - ECB President Lagarde Speaks
EUR - Current Account
USD - Treasury Sec Yellen Speaks
EUR - Trade Balance
GBP - CBI Industrial Order Expectations
CAD - CPI m/m
CAD - Median CPI y/y
CAD - Trimmed CPI y/y
CAD - Common CPI y/y
CAD - Core CPI m/m
USD - FOMC Member Waller Speaks
USD - FOMC Member Barkin Speaks
USD - FOMC Member Williams Speaks
USD - FOMC Member Bostic Speaks
NZD - GDT Price Index
USD - FOMC Member Barr Speaks
GBP - BOE Gov Bailey Speaks
USD - FOMC Member Mester Speaks
JPY - Core Machinery Orders m/m
JPY - Trade Balance

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.67092 0.66612
nzd/usd 0.61375 0.60819
aud/nzd 1.09441 1.08568
usd/jpy 156.305 155.316
usd/cad 1.36351 1.35959
eur/usd 1.08844 1.08514
gbp/usd 1.27252 1.26788
aud/eur 1.62941 1.62135
aud/jpy 104.562 103.91
Equities and Commodities
S&P 500 5312.71
DOW 39816.1
Nasdaq 100 18672.1
ASX200 7849.72
GOLD 2424.9
WTI 79.71

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.