Marketwatch APAC

Daily Insights
December 7, 2023

Market Watch AU – 8th December 2023

The AUDUSD has rebounded from the lows of 0.65-cents  back above 0.66-cents, spurred on by a shift in market sentiment that leant towards ‘risk on’ in the northern hemisphere sessions along with a softer US-dollar as a consequence. During our session we saw the release of local trade data that showed a slight increase in exports and declining imports, which is a favourable scenario for the central bank, but the release of China Trade data showed a decline in imports and as a major trading partner for Australian raw materials, this rattled traders and saw sellers win the session. The next important data release for investors will be US Non-farm Payrolls tonight and with initial jobless claims rising, this points to a softer employment market expected in this report. No data releases for Australia today so positioning will be attentive to tonight’s US NFP. The Short term scenario is a little more balanced with the Aussie above 0.66-cents, but likely to find some resistance initially at 0.6630’s. Support emerges in the 0.6565/80 zone, should we should we stray from a bullish configuration to close out the week.

Wall Street indices all rose today with the Nasdaq surging higher on the back of mega-tech stocks responding to fresh optimism over AI. The DJI was up +0.2%, the S&P500 gained +0.8% and the Nasdaq jumped +1.3% by close.  Australian shares look to open the session on the back foot, pressured by energy sector shares on the fall in oil, but downside should be limited with the confidence rally seen on Wall Street overnight.

Gold prices have held on to their gains, as investor position and await the release of the US Non-farm Payrolls out tonight.

Copper prices were up by the end of the session, aided by a softer US-dollar and a lift in China export data which helps this base metal. Iron Ore futures on the Dalian exchange pushed higher after the Chinese export data supported local demand, along with positive updates from local producers.

Brent Crude Oil prices dropped as traders contemplated a reduction in the demand outlook for China and the US, the worlds leading oil consumers.




Open today 0.6602

Yesterday’s Range 0.6526 / 0.6620


Open today  0.6170

Yesterday’s Range 0.6113 / 0.6193


Yesterday’s Range 1.0656 / 1.0706


Yesterday’s Range 0.6065 / 0.6120


Yesterday’s Range 4.6785 / 4.7359


Yesterday’s Range 0.5200 / 0.5249


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Economic Calendar

JPY - Economy Watchers Sentiment
EUR - German Final CPI m/m
EUR - Italian Bank Holiday
CNY - New Loans
CNY - M2 Money Supply y/y
GBP - Consumer Inflation Expectations
EUR - ECOFIN Meetings
CAD - Capacity Utilization Rate
USD - Average Hourly Earnings m/m
USD - Non-Farm Employment Change
USD - Unemployment Rate
USD - Prelim UoM Consumer Sentiment
USD - Prelim UoM Inflation Expectations

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66201 0.65253
nzd/usd 0.61933 0.61131
aud/nzd 1.07054 1.06622
usd/jpy 147.184 141.593
usd/cad 1.36192 1.35835
eur/usd 1.08174 1.07548
gbp/usd 1.26125 1.25444
aud/eur 1.64887 1.63359
aud/jpy 96.481 93.7
Equities and Commodities
S&P 500 4582.24
DOW 36109.6
Nasdaq 100 15998
ASX200 7156.52
GOLD 2028.81
WTI 69.67

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.