Marketwatch APAC

Daily Insights
November 16, 2023

Market Watch AU – 17th November 2023


The AUDUSD has retreated to the 0.6460 level after an initial boost to 0.65-cent plus, when the Australian Labour data for October was released and showed an additional 55k jobs for the month, well above expectations of 20k beforehand. On the US side initial Jobs claims for the week came in at 231k and were above expectations of 220k, cooling risk markets and favouring the US-dollar once again, but US Treasury yields are sliding and limiting the USD gains and tempering immediate outlook.  Day traders for the Aussie will look to sell into any initial strength to 0.6500/20 and would need to hurdle 0.6550 if it were to reignite a bullish claim, while to the downside there should be initial support at 0.6450 intraday and then 0.6400/15 zone behind. No data releases for Oz today, will lean trader focus to US figures for Housing Starts and Building Permits (Oct) tonight.

Wall Street indices finished the day slightly lower, with a potpourri of disappointing corporate earnings forecasts and softer Treasury yields, book-ending the days moves. The DJI fell -0.4%, the S&P500 eased -0.1% and the Nasdaq dropped -0.1%. Following the offshore activities and the moves on global bourses, Australian shares are expected to open a little lower today, as commodity shares absorb underlying price pressures and a hawkish tilt on local monetary policy prevails, following a raft of strong economic data.

Gold prices traded back into positive territory for the session, with spot gold up 1.2%, as expectations for the US Fed to hold on any further hikes re-affirmed after the latest rise in US Jobless Claims for the week, cooling US Treasury yields and tempering the US-dollar.

Copper prices eased from six week highs as concerns re-emerged for demand out of China. LME Copper gave back nearly all its previous session gains, losing -0.4% for the day. Dalian Iron Ore prices ended the day lower after Chinese authorities intervened to arrest higher prices and also a weak report for the property sector yet again, with Home Prices down 0.38% for October.

Brent Crude Oil prices skuttled lower for another day , down -4.6%, as investors recognize concerns for global oil demand and weak eco data out of US and Asia.



Open today 0.6470

Yesterday’s Range 0.6461 / 0.6503


Open today  0.5971

Yesterday’s Range 0.5963 / 0.6030


Yesterday’s Range 1.0798 / 1.0846


Yesterday’s Range 0.5952 / 0.6011


Yesterday’s Range 4.6831 / 4.7327


Yesterday’s Range 0.5202 / 0.5251


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Economic Calendar

GBP - Retail Sales m/m
CNY - Foreign Direct Investment ytd/y
EUR - ECB President Lagarde Speaks
EUR - Current Account
EUR - Final Core CPI y/y
EUR - Final CPI y/y
EUR - EU Economic Forecasts
EUR - German Buba President Nagel Speaks
GBP - MPC Member Ramsden Speaks
GBP - MPC Member Greene Speaks
CAD - Foreign Securities Purchases
CAD - IPPI m/m
CAD - RMPI m/m
USD - Building Permits
USD - Housing Starts
USD - FOMC Member Goolsbee Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65167 0.64606
nzd/usd 0.60291 0.59635
aud/nzd 1.08452 1.07909
usd/jpy 151.43 150.286
usd/cad 1.37767 1.36769
eur/usd 1.08957 1.083
gbp/usd 1.24558 1.23763
aud/eur 1.67984 1.66508
aud/jpy 98.57 97.24
Equities and Commodities
S&P 500 4510.32
DOW 34937.6
Nasdaq 100 15832.8
ASX200 7055.7
GOLD 1980.94
WTI 73.14

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.