Marketwatch APAC

Daily Insights
June 11, 2024

Market Watch APAC – 12th June 2024


A modest bounce in equities and base metals along with a slide lower in the US-dollar has helped the AUDUSD recover in the latter part of the off shore session, but releases in the US for May CPI and the FOMC meeting will attract the major attention near-term. No change to the policy rate is expected from the Central Bank, but the committee is expected to release its Summary of Economic projections, which is warranted to highlight the bank’s forward guidance for rates. Around the Asia session today we will look for regional data and Central bank meetings, including China CPI and PPI for May, to entertain traders and possibly add influence to risk sentiment. For the AUDUSD today, trading will remain cautious, with support looking to hold above 0.6550’s and rallies finding supply in to 0.6635/50 on any strength.


Wall Street stock indices were predominantly higher to day , but investors remain cautious ahead of tomorrow’s inflation release and the FOMC policy announcement. The S&P500 gained +0.3% and the Nasdaq rose +0.9% also, however the DJI was lower -0.3% for the day. Australian shares are looking to open lower today, weighed down by iron ore and commodity prices, 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 managed to reverse an earlier drop, as investors positioned ahead of the US inflation data and the results of the FOMC meeting.

Copper prices on the LME dropped, under pressure from a stronger dollar and rising stockpiles in China. Iron Ore prices on the Dalian Commodity Exchange were weighed lower as demand sentiment pressured the raw material and traders contemplated a depleted demand from China, along with proposals for carbon emission plans on the steel industry.

Brent Crude prices were up +0.4% by close after the Energy Information Administration raised its global oil demand forecast and market fears of oversupply have eased.



Open today 0.6607

Yesterday’s Range 0.6589 / 0.6613


Open today  0.6144

Yesterday’s Range 0.6118 / 0.6150


Yesterday’s Range 1.0749 / 1.0793


Yesterday’s Range 0.6122 / 0.6159


Yesterday’s Range 4.7897 / 4.8088


Yesterday’s Range 0.5174 / 0.5197

Economic Calendar

CNY - CPI y/y
CNY - PPI y/y
EUR - German Final CPI m/m
GBP - GDP m/m
GBP - Construction Output m/m
GBP - Goods Trade Balance
GBP - Index of Services 3m/3m
GBP - Industrial Production m/m
GBP - Manufacturing Production m/m
CNY - New Loans
CNY - M2 Money Supply y/y
EUR - Eurogroup Meetings
EUR - German 10-y Bond Auction
GBP - NIESR GDP Estimate
USD - Core CPI m/m
USD - CPI m/m
USD - CPI y/y
USD - Crude Oil Inventories
USD - Federal Funds Rate
USD - FOMC Economic Projections
USD - FOMC Statement
USD - Federal Budget Balance
USD - FOMC Press Conference
CAD - BOC Gov Macklem Speaks
EUR - German Buba President Nagel Speaks
GBP - RICS House Price Balance
JPY - BSI Manufacturing Index

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66134 0.65884
nzd/usd 0.61498 0.61113
aud/nzd 1.07836 1.07295
usd/jpy 157.401 156.805
usd/cad 1.37914 1.37477
eur/usd 1.07734 1.07194
gbp/usd 1.27514 1.27056
aud/eur 1.63352 1.62176
aud/jpy 103.944 103.526
Equities and Commodities
S&P 500 5377.98
DOW 38714.7
Nasdaq 100 19224.1
ASX200 7715.27
GOLD 2316.2
WTI 78.17

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.