Marketwatch APAC

Daily Insights
June 18, 2024

Market Watch APAC – 19th June 2024


The US dollar retreats versus EUR and risk currencies, as US retail sales for May land below expectations and highlighting concerns for consumer exhaustion. The trend in sales growth has been slowing and may raise the chances for the Fed to cut rates later this year. The spillover of the softer US-dollar has given the Aussie dollar a bit of a boost back into the mid-ranges of 0.66-cents overnight. Yesterdays RBA decision to keep rates on hold at 4.35% was well telegraphed in advance and the accompanying statement re-affirms their preference to wait and see for further data. For the AUDUSD, technicals have resumed a bullish lean and trades back above the short-term indicators. Risk appetite in markets may take a breather ahead of the US Juneteenth holiday which will see US markets shut. Day traders will look to support to edge up to the 0.6610/15 zone on any pullback and gains to keep ‘chipping away’ at supply through 0.6665/85 on any strength.

Wall Street stocks found investor interest following the softer than expected US Retail Sales report and US Fed officials acknowledgement that inflation is receding, but called for patience from bankers for the commencement of a rate cut. The S&P500 was up +0.3% and the DJI gained +0.2%, while the Nasdaq posted a gain of just +0.05% for the day. Australian shares are expected to trade flat at the open today, as investors digest the commentary from the RBA meeting yesterday, while some positive moves in commodity prices may lend support to the mining and energy sectors.

Gold prices ground higher for the day, following the release of the US Retail Sales figures that raises the opportunity for the Fed to cut rates later this year, as US Treasury yields decreased at the same time.

Copper prices rebounded as the US-dollar retreated across the session. Iron Ore prices on the Dalian Commodity Exchange closed the day higher though off its peaks as traders locked in profits following suggestions that there could be controls over steel output in the Provence of Fujian in China.

Brent Crude prices finished the day higher as concerns resurface over supply, stemming from disruptions as a result of Middle East and European conflicts.



Open today 0.6656

Yesterday’s Range 0.6601 / 0.6657


Open today  0.6144

Yesterday’s Range 0.6098 / 0.6148


Yesterday’s Range 1.0778 / 1.0847


Yesterday’s Range 0.6155 / 0.6199


Yesterday’s Range 4.7996 / 4.8409


Yesterday’s Range 0.5200 / 0.5242


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Economic Calendar

GBP - CPI y/y
GBP - Core CPI y/y
GBP - PPI Input m/m
GBP - PPI Output m/m
GBP - RPI y/y
CNY - Foreign Direct Investment ytd/y
EUR - Current Account
GBP - HPI y/y
All - G7 Meetings
EUR - German 30-y Bond Auction
USD - Bank Holiday
USD - NAHB Housing Market Index
CAD - BOC Summary of Deliberations
NZD - GDP q/q

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66576 0.65998
nzd/usd 0.61483 0.60968
aud/nzd 1.0845 1.07817
usd/jpy 158.23 157.514
usd/cad 1.37564 1.37089
eur/usd 1.07614 1.07097
gbp/usd 1.27208 1.26528
aud/eur 1.62462 1.61197
aud/jpy 105.088 104.017
Equities and Commodities
S&P 500 5490.06
DOW 38819.1
Nasdaq 100 19922
ASX200 7775.39
GOLD 2328.41
WTI 81.63

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.