Marketwatch APAC

Daily Insights
May 21, 2024

Market Watch APAC – 22nd May 2024


The AUDUSD opens the Asia session in familiar levels and still leans bullish if the consolidation around the 0.6650 remains firm. Gold eased and USDCNH posted gains overnight, adding inherent pressure on the AUD for the offshore sessions. The RBA Minutes of the May meeting were of little consequence to the Aussie during our session yesterday, but did manage to deflate some enthusiasm for the risk pair, as traders squared out of speculative long positions. The Minutes noted that the risks around the RBA forecasts were “balanced” which would suggest that the committee would continue a “higher for longer” rate stance. The RBA doesn’t expect inflation to return to the target band until late 2025, which would suggest that rate cuts wont be on the table till then either. The Westpac Consumer Confidence measure  was received as disappointing also, down 0.3% in May, as consumers continue to be squeezed by high interest rates. Trading wise today, we look for support to prevail at 0.6645/55 on any immediate pullback and any strength to find initial resistance at 0.6705/10.

Wall Street stocks posted gains for the day as investors continue to look through the latest economic data and Fed official commentary for clues on the timing of rate cuts later this year. The DJI ended up +0.2%, the S&P500 gained +0.3% and the Nasdaq was up +0.2% for the day. Australian shares ended mixed yesterday and are expected to open a little firmer today as some commodity prices cast support to the mining sector.

Gold prices eased from recent highs, but saw buying interests on the dip as investors look for safe-haven quality and expectations of the Fed easing rates later this year.

Copper prices eased -0.7% but still holds above $10,800/ton. Iron Ore prices were continued to trend higher for the day as prospects improve for ongoing demand to be supported by China initiatives.

Brent Crude prices slipped lower by 1% as the market considers lingering inflation issues delivering the prospect of higher interest rates for longer and weighing on consumer demand.



Open today 0.6666

Yesterday’s Range 0.6647 / 0.6679


Open today  0.6094

Yesterday’s Range 0.6088 / 0.6113


Yesterday’s Range 1.0906 / 1.0943


Yesterday’s Range 0.6125 / 0.6153


Yesterday’s Range 4.8182 / 4.8394


Yesterday’s Range 0.5234 / 0.5253


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Economic Calendar

NZD - Official Cash Rate
NZD - RBNZ Monetary Policy Statement
NZD - RBNZ Rate Statement
NZD - RBNZ Press Conference
GBP - CPI y/y
GBP - Core CPI y/y
GBP - PPI Input m/m
GBP - PPI Output m/m
GBP - Public Sector Net Borrowing
GBP - RPI y/y
CNY - Foreign Direct Investment ytd/y
GBP - HPI y/y
EUR - German 10-y Bond Auction
EUR - German Buba Monthly Report
GBP - MPC Member Breeden Speaks
GBP - Monetary Policy Report Hearings
USD - Existing Home Sales
USD - Crude Oil Inventories
USD - FOMC Meeting Minutes
NZD - RBNZ Gov Orr Speaks
NZD - Retail Sales q/q
NZD - Core Retail Sales q/q
AUD - Flash Manufacturing PMI
AUD - Flash Services PMI

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.6679 0.66463
nzd/usd 0.61105 0.60764
aud/nzd 1.09421 1.09091
usd/jpy 156.546 155.839
usd/cad 1.36754 1.36146
eur/usd 1.08746 1.08425
gbp/usd 1.27269 1.2686
aud/eur 1.63269 1.62517
aud/jpy 104.426 103.909
Equities and Commodities
S&P 500 5325.85
DOW 39874.6
Nasdaq 100 18727.4
ASX200 7871.93
GOLD 2421.5
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.