Marketwatch APAC

Daily Insights
October 12, 2023


Open today 0.6314

Yesterday’s Range 0.6308 / 0.6431


Open today  0.5927

Yesterday’s Range 0.5925 / 0.6025


Yesterday’s Range 0.5990 / 0.6048


Yesterday’s Range 4.6125 / 4.6896



Yesterday’s Range 1.0629 / 1.0692


Yesterday’s Range 0.5179 / 0.5216

The AUDUSD dropped heavily through 0.64-cents after the US reported an above expectations release of September Consumer Price Index (CPI). The monthly headline number rose by 0.4%, while 0.3% was expected, driven by gasoline prices. The core CPI annually decelerated to 4.1%, as was expected. The continuing decline in core CPI and deepening Middle East geo-political tension will provide latitude for the US Fed to hold rates unchanged, albeit higher for longer, though markets have been quick to start pricing in further hikes. US Treasury yields have rallied , stock markets have dropped and commodity currencies have suffered, as investors recycle out of risk assets once again. The AUDUSD has borne the brunt of the move by the majors against the US-dollar, falling 1.6% for the session, with NZD, GBP and EUR also weakening against the dollar. There is no data due out locally today, so markets will be attentive to the release of China Inflation and Trade numbers for direction. With the AUDUSD opening the Asia day in the low 0.63’s teetering near the October lows, with any further deterioration in risk a catalyst to test lower. Alternatively, consolidation of trading above 0.63-cents will inspire a rebound to 0.6345/55 and gains above will be needed to negate the downside pressure. The Middle East conflict and developments, will also demand attention for traders.

Wall Street indices dropped on the US CPI release overnight and as US Treasury bond yields rallied investors were eager to recycle out of risk assets. In afternoon trading, the DJI was down -0.5%, the S&P500 also down -0.6% and the Nasdaq slipped lower by -0.6% into the close. Australian shares are looking to open lower, in line with the losses on Wall Street as investors re-evaluate the chances of more rate hikes from the Fed.

Gold prices fell by 0.3% for the day as US Treasuries were once again preferred for yield and the US-dollar gained.

Copper prices fell 0.5% as inventory stockpiles hit their highest in two years, slackening the supply constraints that have been impacting the cycle, as expectations for demand in future years grows with the expansion of renewables.

Brent Crude Oil prices eked out a tiny gain for the session, adding 18 cents to $86.00/bbl , while US Prices softened on the report of a larger than expected build up of crude stockpiles for the week, all-the-while as traders remain attentive to any supply disruptions stemming from the conflict in the Middle east.


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Economic Calendar

CNY - CPI y/y
CNY - PPI y/y
CNY - Trade Balance
CNY - USD-Denominated Trade Balance
CHF - PPI m/m
EUR - German Buba President Nagel Speaks
EUR - French Final CPI m/m
GBP - BOE Gov Bailey Speaks
EUR - Industrial Production m/m
CNY - New Loans
CNY - M2 Money Supply y/y
USD - Import Prices m/m
EUR - ECB President Lagarde Speaks
USD - FOMC Member Harker Speaks
GBP - CB Leading Index m/m
USD - Prelim UoM Consumer Sentiment
USD - Prelim UoM Inflation Expectations
All - IMF Meetings
GBP - MPC Member Cunliffe Speaks
USD - Federal Budget Balance

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.64308 0.63071
nzd/usd 0.60255 0.59079
aud/nzd 1.06922 1.06212
usd/jpy 149.828 148.954
usd/cad 1.37003 1.35782
eur/usd 1.06396 1.05147
gbp/usd 1.23315 1.21367
aud/eur 1.66948 1.65339
aud/jpy 95.827 94.456
Equities and Commodities
S&P 500 4350.59
DOW 33605.2
Nasdaq 100 15198.1
ASX200 7045.57
GOLD 1869.52
WTI 83.37

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.