Market Watch AU – 22nd December 2023
The AUDUSD has rallied over 1% , through 0.68-cents, from yesterday’s open with corporate flows driving the move along with higher metals prices. The US-dollar slipped lower after US Q3 GDP was revised lower to 4.9% from 5.2% and annualized core PCE softening to 2% from 2.3%. With US Treasury yields easing and softening of the US-dollar , bodes well for the AUDUSD to continue to advance higher. The initial support level revises to 0.6730’s as the market continues to ‘chip away’ at the supply levels through 0.68-cents towards 0.6830.
Wall Street ends the day higher with tech sector stocks taking the lead. The DJI posted a +0.9%gain, the S&P500 climbed +1% and the Nasdaq was up +1.3% by close. Australian shares are expected to open higher today, as investors follow the Wall Street lead, all the while looking ahead to the US data later today.
Gold prices got a bit of a lift after the US GDP data gave investors further hope that there will be rate cut prospects next year.
Amongst the base metals, Copper prices edged higher on the LME as did Nickel, while Tin and Zinc lost ground . Iron Ore futures on the Dalian exchange continue to rise modestly yesterday as Beijing authorities remain encouraging to ongoing economic stimulus support.
Brent Crude Oil prices slipped today on the news that Angola is leaving the Organization of the Petroleum Exporting Countries (OPEC).
Open today 0.6802
Yesterday’s Range 0.6726 / 0.6804
Open today 0.6295
Yesterday’s Range 0.6239 / 0.6295
Yesterday’s Range 1.0765 / 1.0818
Yesterday’s Range 0.6146 / 0.6185
Yesterday’s Range 4.8091 / 4.8592
Yesterday’s Range 0.5321 / 0.5368
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