Marketwatch APAC

Daily Insights
May 28, 2024

Market Watch APAC – 29th May 2024


A pick up in US Treasury yields has deflated the AUDUSD a tad and holds position awaiting the release of the Australian CPI data today. Consensus expects Australian inflation to ease to around 3.4% for April from 3.5% in March. Any signs of stubborn inflation may be another catalyst for the pair to retain its upward trajectory. Yesterday’s Retail sales provided enough momentum to lift the pair through 0.6660/70 for the Asia session, even though the release underwhelmed at +0.2%, just shy of the +0.4% expected. Trading is likely to remain choppy as it falls to the whim of external fundamentals like commodity prices, risk based sentiment from other markets and China data. For the trading day, any strength will search for resistance at 0.67-cents for the time being and a retreat will look for some support at 0.6620/25. Australian CPI data for April, expected to be +3.4%, will be the key focus for traders today.

Wall Street indices were mixed for the day, with the Nasdaq hitting an all time high over 17,000. The DJI registered a -0.6% loss, while the S&P500 gained +0.05% and the Nasdaq was up +0.6% for the day. Australian shares are expected to open lower today, while investors await the release of local inflation data this morning.

Gold prices advanced +0.3%, as investors revise their outlook for Fed interest rate moves later in the year, ahead of the key US inflation report due later this week.

Copper prices on the LME were up 1.9%/tonne encouraged by data out of China and slightly softer dollar during Asia session, though markets are mindful of ample supplies and rising production. Dalian Iron Ore prices slipped lower again, as traders re-assess demand for steel in China at this time of the year.

Brent Crude prices squeezed higher as expectations rose for OPEC+ to keep production curbs in place at their meeting next week.



Open today 0.6650

Yesterday’s Range 0.6643 / 0.6679


Open today  0.6141

Yesterday’s Range 0.6138 / 0.6170


Yesterday’s Range 1.0806 / 1.0833


Yesterday’s Range 0.6119 / 0.6141


Yesterday’s Range 4.8252 / 4.8514


Yesterday’s Range 0.5207 / 0.5221


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Economic Calendar

AUD - MI Leading Index m/m
NZD - ANZ Business Confidence
AUD - CPI y/y
AUD - Construction Work Done q/q
JPY - Consumer Confidence
EUR - German GfK Consumer Climate
EUR - German Prelim CPI m/m
CHF - UBS Economic Expectations
EUR - M3 Money Supply y/y
EUR - Private Loans y/y
USD - Richmond Manufacturing Index
USD - FOMC Member Williams Speaks
USD - Beige Book
NZD - Building Consents m/m
AUD - RBA Assist Gov Hunter Speaks
USD - FOMC Member Bostic Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66797 0.66328
nzd/usd 0.61702 0.61293
aud/nzd 1.08324 1.07704
usd/jpy 157.198 156.575
usd/cad 1.36535 1.36145
eur/usd 1.0889 1.08538
gbp/usd 1.28007 1.27496
aud/eur 1.63424 1.62521
aud/jpy 104.622 104.343
Equities and Commodities
S&P 500 5310.81
DOW 38838.1
Nasdaq 100 18897
ASX200 7722.83
GOLD 2360.8
WTI 80.27

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.