Marketwatch APAC

Daily Insights
May 6, 2024

Market Watch APAC – 7th May 2024


The US-dollar slipped against most of its G10 peers once again, with the exception of the USDJPY that regained ground after last weeks BoJ intervention. The AUDUSD has been benefiting from a lift in risk appetite and support for commodities in recent sessions and will look to the RBA Meeting today if it is to get a further lift from the commentary delivered by the Committee. Recent inflation figures surpassed forecasts and economists expect that this meeting will deliver no change in the Cash Rate. The AUDUSD continues with support initially at the 0.6550’s and strong resistance emerging in to the 0.6650/75 zone. China releases its April Foreign Exchange reserve figures today, which will be closely monitored for suggestions that Beijing may be selling down its US Treasuries position to support the Renminbi.

Wall Street stocks advanced higher again as investor maintain hope of a Fed rate cut later this year. The DJI rose +0.5%, while the S&P500 gained +1% and the Nasdaq added +1.2% for the session. Australian shares are looking to open slightly higher today, tracking Wall Street moves and await the RBA meeting outcome later today and what it could mean for the local interest rate outlook.

Gold prices turned higher today adding 1% for the session, as US-dollar slipped and Israel seemingly rejected a Hamas ceasefire proposal.

Copper prices added to last weeks gains. The Dalian Iron Ore futures price circling the $120/tonne as investor sentiment improves with the restocking of steel inventories following their Labour Day holidays.

Brent Crude prices settled just in the black for the day, as ceasefire agreements between Israel and Hamas seemed once again to elude international negotiators.



Open today 0.6625

Yesterday’s Range 0.6604 / 0.6638


Open today  0.6009

Yesterday’s Range 0.5996 / 0.6032


Yesterday’s Range 1.0979 / 1.1031


Yesterday’s Range 0.6136 / 0.6155


Yesterday’s Range 4.7556 / 4.7838


Yesterday’s Range 0.5262 / 0.5280

Economic Calendar

AUD - Cash Rate
AUD - RBA Monetary Policy Statement
AUD - RBA Rate Statement
AUD - RBA Press Conference
CHF - Unemployment Rate
EUR - German Factory Orders m/m
EUR - German Trade Balance
GBP - Halifax HPI m/m
EUR - French Prelim Private Payrolls q/q
EUR - French Trade Balance
CHF - Foreign Currency Reserves
GBP - Construction PMI
EUR - Retail Sales m/m
CAD - Ivey PMI
EUR - German Buba President Nagel Speaks
USD - RCM/TIPP Economic Optimism
NZD - GDT Price Index
USD - Consumer Credit m/m
CAD - Gov Council Member Rogers Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66383 0.66026
nzd/usd 0.60317 0.59948
aud/nzd 1.10267 1.0958
usd/jpy 154.009 152.728
usd/cad 1.36969 1.36458
eur/usd 1.07907 1.07552
gbp/usd 1.25942 1.25218
aud/eur 1.62902 1.6205
aud/jpy 102.048 100.898
Equities and Commodities
S&P 500 5181.99
DOW 38853.3
Nasdaq 100 18091.4
ASX200 7728.93
GOLD 2322.7
WTI 78.68

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.