Marketwatch APAC

Daily Insights
January 3, 2024

Market Watch AU – 4th January 2024


The US-dollar overnight, pared back earlier gains after the US Fed minutes of the December meeting, though a seemingly dovish take on the latest statements. The AUD has continued its new year slide and hit a low of 0.6702 overnight in the face of a stronger US-dollar. During Asia session we await the release of the China Caixin Services PMI for December to offer some direction to the AUDUSD intraday. Further interest will lie in the US data releases tonight, as markets gear up for the US Non-farm payrolls on Friday. The initial support level is seen at 0.67-cents with further weakness allowing a move to 0.6680’s behind, while on the flip side, if we see some gains resume from current levels, next level of supply should be seen on a move to 0.6780/90’s and 0.6810 behind offering some resistance. Momentum though, would suggest the downside is still the favourable.

Wall Street indices declines for another day as profit taking continued after a stella 2023 performance. The DJI posted a loss of -0.4%, while the S&P500 lost -0.4% and the Nasdaq dropped -0.8% for the day.  Australian equities are set to start the day lower, as gold miners weigh on the ASX and investors comb through the latest minutes of the US Fed meeting released overnight.

Gold prices gave back recent gains today as the Minutes form the December Fed meeting added to the uncertainty of  when they will reduce the cost of borrowing through rate cuts. Spot Gold was down 1% at close.

Copper prices fell against the back drop of stronger US-dollar moves and uncertainty of demand from China this year. Iron Ore futures climbed on expectations that Chinese authorities will bolster economic stimulus, as pre-Lunar New Year holiday restocking commences.

Brent Crude Oil prices were up for the day, adding over 3% for the session, after disruption at Libya’s main oilfield add to rising fears of geopolitical tension throughout the Middle East.



Open today 0.6732

Yesterday’s Range 0.6702 / 0.6771


Open today  0.6247

Yesterday’s Range 0.6219 / 0.6276


Yesterday’s Range 1.0770 / 1.0828


Yesterday’s Range 0.6144 / 0.6185


Yesterday’s Range 4.8052 / 4.8414


Yesterday’s Range 0.5306 / 0.5365


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Economic Calendar

JPY - Final Manufacturing PMI
CNY - Caixin Services PMI
EUR - German Prelim CPI m/m
EUR - French Prelim CPI 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
GBP - M4 Money Supply m/m
GBP - Mortgage Approvals
GBP - Net Lending to Individuals m/m
EUR - Spanish 10-y Bond Auction
EUR - French 10-y Bond Auction
USD - Challenger Job Cuts y/y
USD - ADP Non-Farm Employment Change
USD - Unemployment Claims
USD - Final Services PMI
USD - Natural Gas Storage
USD - Crude Oil Inventories
JPY - Monetary Base y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.67706 0.67019
nzd/usd 0.62759 0.62185
aud/nzd 1.08279 1.07276
usd/jpy 143.731 141.859
usd/cad 1.3372 1.33175
eur/usd 1.09654 1.08929
gbp/usd 1.26765 1.26157
aud/eur 1.62752 1.61532
aud/jpy 96.596 95.87
Equities and Commodities
S&P 500 4713.08
DOW 37481.4
Nasdaq 100 16391.3
ASX200 7509.95
GOLD 2040.75
WTI 72.98

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.