Marketwatch APAC

Daily Insights
May 27, 2024

Market Watch APAC – 28th May 2024

A public holiday in the US for Memorial Day and a Bank Holiday in Britain, have muted trading flows and interest overnight. A softer US-dollar for the day has seen the Aussie dollar strike gains through to the 0.6650/60 zone and is looking for further momentum reasons to advance through to 0.67-cents.  Australian Retail Sales today might be the catalyst to spur the pair on to the next resistance level. Outside of that we should expect trading to be choppy as it falls to the whim of external fundamentals like commodity prices, risk based sentiment from other markets and China eco data. For the trading day, any strength will search for resistance at 0.67-cents for the time being and a retreat will look for some support at 0.6620/25. Australian Retail Sales for April are expected to be +0.2% for the month.

Wall Street was closed for the Memorial Day public holiday. Australian shares are expected to open higher today as commodity prices register positive gains and support the local mining and energy sectors, while investors await the release of inflation data later this week.

Gold prices rallied 1% to open the trading week, as investors revise their outlook for interest rate moves later in the year ahead of the key inflation report due later this week.

The LME was closed for the Bank Holiday. Dalian Iron Ore prices slipped lower as traders realise short term profits ahead of what is usually a slim demand period for steel in China at this time of the year.

Brent Crude prices rose in thin trading due to the public holidays in US and Britain, while traders ponder a downgrade in demand on the basis that interest rates will remain higher for longer in the US due to stubborn inflation.



Open today 0.6654

Yesterday’s Range 0.6621 / 0.6660


Open today  0.6149

Yesterday’s Range 0.6111 / 0.6153


Yesterday’s Range 1.0811 / 1.0849


Yesterday’s Range 0.6101 / 0.6136


Yesterday’s Range 4.8088 / 4.8345


Yesterday’s Range 0.5197 / 0.5217

Economic Calendar

AUD - Retail Sales m/m
CHF - SNB Chairman Jordan Speaks
USD - FOMC Member Bowman Speaks
USD - FOMC Member Mester Speaks
JPY - BOJ Core CPI y/y
EUR - German WPI m/m
GBP - CBI Realized Sales
CAD - IPPI m/m
CAD - RMPI m/m
USD - S&P/CS Composite-20 HPI y/y
USD - HPI m/m
USD - CB Consumer Confidence
USD - FOMC Member Cook Speaks
USD - FOMC Member Daly Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66598 0.66203
nzd/usd 0.61535 0.61048
aud/nzd 1.08317 1.07831
usd/jpy 156.969 156.661
usd/cad 1.36705 1.36189
eur/usd 1.08673 1.08396
gbp/usd 1.27775 1.27253
aud/eur 1.6379 1.62924
aud/jpy 104.46 103.852
Equities and Commodities
S&P 500 5319.83
DOW 39128.9
Nasdaq 100 18894.7
ASX200 7802.43
GOLD 2350.76
WTI 78.67

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.