Marketwatch APAC

Daily Insights
June 4, 2024

Market Watch APAC – 5th Jun 2024


A surprising downturn in business activity in the US, as evidenced by latest data, has rekindled investor expectation for an earlier rate cut by the Fed, sending the US dollar and treasury yields lower, though many markets have had mixed results for the day. US Stocks recovered from an earlier selloff at the start of the session, while oil , copper and gold all slipped and dragged risk and commodity currencies off their daily highs.  The AUDUSD has had a busy range as risk sentiment jolted the pair back to 0.6630’s in Europe session after trading at 0.6690’s earlier in Asia day. Ahead today we look to the Australian May Judo Bank PMI and Q1 GDP, expected +1.2%yoy , while also on the radar will be the China Caixin non-manufacturing report for May and then later tonight will be US Initial Jobless Claims, Trade Balance and the ISM non-manufacturing PMI for May. For the AUDUSD today, any strength will run in to the 0.6690/00 zone again and any decline will look for initial support at 0.6600/10’s.

Wall Street stocks were higher over the day amidst a choppy session as softer than expected US Labour market data rekindled expectations for a more imminent rate cut  from the Fed. The DJI was up +0.4%, while the S&P500 gained just +0.1% and the Nasdaq also gained +0.1% for the day. Australian shares are looking to open a tad lower today with softer commodities weighing on the mining and energy sectors.

Gold prices dropped more than 1% for the day as investors positioned ahead of the US Labour releases due later this week.

Copper prices on the LME, declined back below the psychological $10,000 level, driven by lack-lustre demand from China. Dalian Iron Ore prices keep declining, as prospects for China demand appear more unlikely, particularly with high portside inventories as they are.

Brent Crude prices slipped lower again today, as traders consider the impact from a boost to production from OPEC+ in to a market that is already showing signs of softening demand.



Open today 0.6649

Yesterday’s Range 0.6631 / 0.6698


Open today  0.6177

Yesterday’s Range 0.6156 / 0.6198


Yesterday’s Range 1.0753 / 1.0813


Yesterday’s Range 0.6103 / 0.6139


Yesterday’s Range 4.8048 / 4.8563


Yesterday’s Range 0.5192 / 0.5228


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Economic Calendar

AUD - GDP q/q
CNY - Caixin Services PMI
AUD - ANZ Job Advertisements m/m
EUR - French Industrial Production m/m
EUR - Spanish Services PMI
EUR - Italian Services PMI
EUR - French Final Services PMI
EUR - German Final Services PMI
EUR - Final Services PMI
GBP - Final Services PMI
EUR - PPI m/m
USD - ADP Non-Farm Employment Change
CAD - Labor Productivity q/q
CAD - BOC Rate Statement
CAD - Overnight Rate
USD - Final Services PMI
USD - ISM Services PMI
CAD - BOC Press Conference
USD - Crude Oil Inventories

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66987 0.66307
nzd/usd 0.61981 0.61555
aud/nzd 1.08105 1.07332
usd/jpy 156.485 154.528
usd/cad 1.36988 1.36203
eur/usd 1.09159 1.08588
gbp/usd 1.28177 1.27428
aud/eur 1.63868 1.62879
aud/jpy 104.623 102.608
Equities and Commodities
S&P 500 5295.19
DOW 38713.6
Nasdaq 100 18667.3
ASX200 7733.94
GOLD 2326.8
WTI 72.91

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.