Marketwatch APAC

Daily Insights
October 26, 2023



Open today 0.6322

Yesterday’s Range 0.6271 / 0.6330


Open today  0.5821

Yesterday’s Range 0.5774 / 0.5829


Yesterday’s Range 1.0847 / 1.0884


Yesterday’s Range 0.5944 / 0.5999


Yesterday’s Range 4.5966 / 4.6364



Yesterday’s Range 0.5191 / 0.5225

There was no respite for the Aussie in yesterday’s trading, after RBA Governor Bullock said that the CPI data came in “pretty much where we thought” but she wouldn’t be drawn on whether it would trigger a change in policy. The AUDUSD pair traded to a yearly low at 0.6271 before a turn in the US-dollar returned buyers back to the risk sensitive pair. The EUR traded lower after the ECB decided to keep rates on hold for the first time in over a year, pretty much as expected. The US Q3 GDP expanded by 4.9%, better than the expected 4.2% and shows there is resilience in the US economy, sparking concerns that the Fed may consider a rate hike going forward. Focus for our day will be Australian PPI, then US Personal Consumption Expenditures tonight. After opening the session higher today, the AUDUSD could grind out further gains, trimming yesterday’s losses, though selling in to the strength is still the preferred strategy. A double bottom at the 0.6270/75 offers support and resistance around the 0.6400/10 remains

Wall Street stocks retreated once again, as investors registered mixed earnings results and US economy resilience prompted consideration for a ‘higher for longer’ scenario on US interest rates. The DJI fell -0.8%, the S&P500 loses -1.2% and the Nasdaq closed down -1.8%. Australian shares are expected to open on the defensive today as investors remain cautious as to the strong economic growth in the US signaling further tightening from the Fed.

Gold prices ground higher for the day, as the Middle East conflict continues and investors sway towards safer haven assets.

Copper prices on the LME eased, weighed down by a stronger US-dollar and headwinds in the Chinese economy and the pace at which they are offering stimulus support. Dalian and Singapore Iron Ore prices held steady for the day as expectations for Chinese demand will remain weak in the short-term and the extent of fiscal support the China authorities are willing to provide.

Brent Crude Oil prices eased, as the fear of wider spread of conflict in the Middle East calmed and the US outlook exhibited muted demand.


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Economic Calendar

AUD - PPI q/q
NZD - RBNZ Statement of Intent
EUR - Spanish Flash GDP q/q
EUR - Euro Summit
USD - Core PCE Price Index m/m
USD - Personal Income m/m
USD - Personal Spending m/m
USD - FOMC Member Barr Speaks
USD - Revised UoM Consumer Sentiment
USD - Revised UoM Inflation Expectations

Market Indicators

Currency Pairs
Pair High Low
Equities and Commodities
S&P 500
Nasdaq 100

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.