Marketwatch APAC

Daily Insights
October 19, 2023



Open today 0.6329

Yesterday’s Range 0.6296 / 0.6356


Open today  0.5849

Yesterday’s Range 0.5816 / 0.5866


Yesterday’s Range 1.0794 / 1.0845


Yesterday’s Range 0.5974 / 0.6019


Yesterday’s Range 4.6109 / 4.6592



Yesterday’s Range 0.5188 / 0.5223

The AUDUSD deteriorated to 0.63-cents, after a disappointing release of the Employment numbers for September, which showed a jobs growth of just 6.7k against 20k expected, while the unemployment rate eased to 3.6% against 3.7% expected. Of significance was the shift from full-time jobs to part-time. So as we suggested the disappointment has reversed the weekly gains back to the familiar lows just behind 0.6300. Overnight trading however has seen a weaker US-dollar and a lift in commodity prices offering the AUD some favour for recovery and opening the Asia session around 0.6330. With all the volatility and uncertainty across the macro scene, any gains from here should see traders selling into the strength all the way to 0.64-cents while the negative sentiment weighs on the risk currencies and suggest there could be more downside to come. Look for support at 0.6290/00 zone on any weakness, with resistance persisting at the old pivot point of 0.64-cents. Day traders will continue to sell strength on any intra-day moves.

Wall Street stocks continue their slide lower, as Fed Chairman Powell offers little comfort for a return to risk in his comments today, plus the escalating conflict in the Middle East is keeping investors nervous amidst possible oil supply concerns. The DJI dropped -0.6%, the S&P500 ended the session lower by -0.9% and the Nasdaq closed lower by -1% at the close. Australian shares are looking to open lower today, tracking Wall Street moves and also monitoring rising tensions in the  Middle East conflict.

Gold prices pushed higher on Thursday as the threat of escalation in the Middle East conflict draws investor to safer have assets and Fed Chair Jerome Powell attempts to ease expectations of another rate hike for November in his remarks.

Copper prices added another session of gains, as the US-dollar trimmed its recent strength.  Iron Ore prices on the Dalian closed higher for the day.

Brent Crude Oil prices added to recent gains again, as the Gaza conflict continues to instill concerns over global supplies, though the lifting of export sanctions on Venezuelan supply is likely to ease some of this pressure, but not for a couple of months. Brent December futures closed at $92.38/bbl.


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Economic Calendar

CNY - 1-y Loan Prime Rate
CNY - 5-y Loan Prime Rate
NZD - Credit Card Spending y/y
NZD - RBNZ Statement of Intent
EUR - German PPI m/m
GBP - Retail Sales m/m
GBP - Public Sector Net Borrowing
CNY - Foreign Direct Investment ytd/y
CAD - Core Retail Sales m/m
CAD - Retail Sales m/m
USD - FOMC Member Harker Speaks
USD - Federal Budget Balance

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.63566 0.62958
nzd/usd 0.58668 0.58154
aud/nzd 1.0844 1.07935
usd/jpy 149.962 149.59
usd/cad 1.37406 1.36792
eur/usd 1.06166 1.05279
gbp/usd 1.21918 1.209
aud/eur 1.67398 1.66312
aud/jpy 95.164 94.316
Equities and Commodities
S&P 500 4271.34
DOW 33383.1
Nasdaq 100 14739.2
ASX200 6921.51
GOLD 1973.11
WTI 89.05

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.