Marketwatch APAC

Daily Insights
April 30, 2024


Market Watch APAC – 1st May 2024


The US-dollar advanced as markets await the conclusion of the US FOMC meeting, which extends over two days this week, and is expected to deliver a no change on interest rates at present, but also adding cautious guidance from the committee on future rate cuts. This added to a disappointing March Retail Sales print in Australia yesterday has pushed the AUDUSD back below the 0.65-cent big figure. Retail Sales printed at -0.4% v an expected +0.2%. Risk markets have soured in overnight sessions, seeing equities, commodities and CNH all weaker. For the AUDUSD now it has turned bearish with RSI’s falling and the pair sliding below many of the daily moving averages. So the AUDUSD will see traders watch the 0.6450/75 zone for initial support  and any strength will require a breach of 0.6560’s to draw further interest to the topside. The outcomes of the Fed meeting will be the answer to next moves on risk currencies and assets.

Wall Street stocks turned lower as investors digested rising labour costs and deteriorating consumer confidence ahead of the US Fed meeting outcomes tonight. The DJI dropped -1%, S&P500 fell -0.8% and the Nasdaq lost -1%. Australian shares are looking to open on the back foot today following indications from US economic data releases that limit the likelihood of a US rate cut soon, plus softer commodity prices weighing on the mining and energy sectors.

Gold prices fell 1.2% for the day, as the US dollar rose , though central bank demand for bullion and geo-political nerves have underpinned the slide.

Copper prices slid lower for the session, down -1.8%, as indications of slower manufacturing activity growth in China coupled with a stronger dollar, dented demand. Across the month however, the base metal had its best performance in three years The Dalian Commodity exchange Iron Ore futures fell with Steel prices ahead of the Chinese public holiday, but there is still optimism that their property sector can improve the outlook.

Brent Crude prices dropped 1% against a stronger US-dollar and a rise in US Crude production.



Open today 0.6473

Yesterday’s Range 0.6472 / 0.6569


Open today  0.5888

Yesterday’s Range 0.5886 / 0.5980


Yesterday’s Range 1.0972 / 1.1002


Yesterday’s Range 0.6062 / 0.6128


Yesterday’s Range 4.6954 / 4.7563


Yesterday’s Range 0.5181 / 0.5230


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Economic Calendar

CNY - Bank Holiday
JPY - Final Manufacturing PMI
NZD - RBNZ Gov Orr Speaks
CHF - Bank Holiday
GBP - Nationwide HPI m/m
EUR - French Bank Holiday
EUR - German Bank Holiday
EUR - Italian Bank Holiday
AUD - Commodity Prices y/y
GBP - Final Manufacturing PMI
GBP - 10-y Bond Auction
USD - ADP Non-Farm Employment Change
CAD - Manufacturing PMI
USD - Final Manufacturing PMI
USD - ISM Manufacturing PMI
USD - JOLTS Job Openings
USD - ISM Manufacturing Prices
USD - Construction Spending m/m
USD - Wards Total Vehicle Sales
USD - Crude Oil Inventories
USD - Federal Funds Rate
USD - FOMC Statement
USD - FOMC Press Conference
CAD - BOC Gov Macklem Speaks
NZD - Building Consents m/m
JPY - Monetary Base y/y
JPY - Monetary Policy Meeting Minutes

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65647 0.64597
nzd/usd 0.59733 0.58774
aud/nzd 1.09978 1.09663
usd/jpy 157.846 156.164
usd/cad 1.37843 1.36623
eur/usd 1.07352 1.06566
gbp/usd 1.2561 1.24717
aud/eur 1.64965 1.6323
aud/jpy 102.899 101.929
Equities and Commodities
S&P 500
Nasdaq 100

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.