Marketwatch APAC

Daily Insights
January 1, 2024

Market Watch AU – 2nd January 2024


The AUDUSD was trying to rally last week but ran into resistances in the high 0.68’s , which could be profit taking for the year end or perhaps signs of exhaustion to the latest gains. The coming sessions for the yearly open will help to reiterate the most likely pattern for now. The US-dollar was able to find session gains into the yearly close, but chalked up another monthly loss against its G10 peers. With local markets still in holiday mode and nothing of note of the eco release calendar for Oz, sideways and thin trading volumes are expected to continue to dominate this week. The initial support level revises to 0.6780’s as the market continues to favour entry on the dips and maintaining momentum into supply towards 0.69-cents.


Wall Street ends the day lower with all three indices finishing in the red, as US Treasury yields ended mostly higher. For the year though, it was a surprise for most investors, with the DJI posting a +13.8% gain, the S&P500 up +24.6% and the Nasdaq up +43.5% by year end.  Asian equities are poised to start the year softer with Australian futures trading lower and Japan closed for a national holiday .


Gold prices experienced a slight dip into the year end, but remains to the favoured side for gains in 2024 as the US central bank is expected to turn dovish on rates, geopolitical tensions prevail and central banks become notable buyers.

Amongst the base metals, Copper prices finished the day lower on the LME as did Nickel, both losing -0.8% for the session. Iron Ore futures on the Dalian exchange continue to rise modestly yesterday as Beijing authorities remain encouraging to ongoing economic stimulus support.

Crude Oil futures slipped on lower demand, while the US is attempting to re-assure confidence back in the Red Sea. Brent and WTI both lower -0.2% for the day.




Open today 0.6807

Yesterday’s Range 0.6782 / 0.6846


Open today  0.6318

Yesterday’s Range 0.6305 / 0.6359


Yesterday’s Range 1.0751 / 1.0792


Yesterday’s Range 0.6134 / 0.6185


Yesterday’s Range 4.8334 / 4.8707


Yesterday’s Range 0.5332 / 0.5375


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Economic Calendar

JPY - Bank Holiday
GBP - BRC Shop Price Index y/y
CNY - Caixin Manufacturing PMI
AUD - Commodity Prices y/y
CHF - Bank Holiday
EUR - Spanish Manufacturing PMI
EUR - Italian Manufacturing PMI
EUR - French Final Manufacturing PMI
EUR - German Final Manufacturing PMI
EUR - Final Manufacturing PMI
EUR - M3 Money Supply y/y
EUR - Private Loans y/y
GBP - Final Manufacturing PMI
CAD - Manufacturing PMI
USD - Final Manufacturing PMI
USD - Construction Spending m/m
NZD - GDT Price Index

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.68462 0.6781
nzd/usd 0.63587 0.63044
aud/nzd 1.07867 1.07513
usd/jpy 141.911 140.795
usd/cad 1.32651 1.31778
eur/usd 1.10843 1.1026
gbp/usd 1.27724 1.27005
aud/eur 1.63046 1.61577
aud/jpy 96.862 95.761
Equities and Commodities
S&P 500 4775
DOW 37710.9
Nasdaq 100 16847.3
ASX200 7610.39
GOLD 2061.22
WTI 71.59

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.