Marketwatch APAC

Daily Insights
May 7, 2024

Market Watch APAC – 8th May 2024

The AUDUSD has steadily retreated from earlier in the week highs, after the RBA holds on the Cash Rate and sticks to a neutral tone, though the slowing economy would all but rule out a hike. The RBA showed a level of concern for the slowing pace of disinflation that could potentially delay their first cut to rates in this cycle. The AUDUSD has slipped back from the strong resistance at  0.6650/75 zone and opens the Asia session sub-0.6600 figure. Analysts will be looking for support to emerge at 0.6550’s n any further corrective moves.

Wall Street stocks gave back earlier gains in the session but hung on for a positive move, as investors pondered the likelihood and timing of the Fed rate cuts this year. The DJI rose +0.07%, while the S&P500 gained +0.1% and the Nasdaq added +0.1% for the session. Australian shares are looking to open slightly higher today, tracking Wall Street moves and investors sift through the RBA Statement assessing their rate outlook, after they kept the Cash Rate steady for the month.

Gold prices gave back previous session gains, as investors reconsidered the timing of rate cuts this year. Spot gold was down -0.3% at $2,324.20.

Copper prices were higher for the day, as focus returns to proposed stimulus measures for China to shift demand and the possibility of tighter supply. The Dalian Iron Ore futures price remained largely unchanged as traders assess proposed stimulus measures for the property sector and as the restocking of steel inventories following their holiday break continues.

Brent Crude prices settled almost flat, as traders juggled easing supply concerns and signs of diminishing demand.



Open today 0.6598

Yesterday’s Range 0.6587 / 0.6643


Open today  0.6002

Yesterday’s Range 0.5996 / 0.6025


Yesterday’s Range 1.0974 / 1.1031


Yesterday’s Range 0.6123 / 0.6165


Yesterday’s Range 4.7561 / 4.7931


Yesterday’s Range 0.5253 / 0.5286

Economic Calendar

JPY - 10-y Bond Auction
EUR - German Industrial Production m/m
EUR - French Bank Holiday
EUR - Italian Retail Sales m/m
GBP - 30-y Bond Auction
USD - Final Wholesale Inventories m/m
USD - Crude Oil Inventories
USD - FOMC Member Jefferson Speaks
USD - 10-y Bond Auction
USD - FOMC Member Cook Speaks
GBP - RICS House Price Balance
JPY - Average Cash Earnings y/y
JPY - BOJ Summary of Opinions

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66437 0.65865
nzd/usd 0.60247 0.59822
aud/nzd 1.10299 1.09483
usd/jpy 154.747 153.869
usd/cad 1.37411 1.36605
eur/usd 1.07873 1.07412
gbp/usd 1.25707 1.24931
aud/eur 1.63308 1.6208
aud/jpy 102.465 101.579
Equities and Commodities
S&P 500 5188.89
DOW 38875.2
Nasdaq 100 18103.1
ASX200 7808.96
GOLD 2313.9
WTI 78.35

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.