Marketwatch APAC

Daily Insights
December 10, 2023

Market Watch AU – 11th December 2023


The AUDUSD opens the week on a cautious note, retreating on Friday after markets have pared back US rate cut expectations following the US Non-Farm Payroll release, that showed jobs growth of 199k, ahead of a 185k expectations. The building notion that the Fed will need to cut interest rates as early as March next year, has suffered a setback with this latest release and markets have quickly turned to the CPI release and Fed meeting, due later this week as a pivotal point for direction in the coming months. In other developments over the weekend , Australia has announced a tripling of fees on foreign purchases of existing homes. Also weighing on the Aussie pair is the growing signs of China deflationary pressures. Australian employment data due to be released this week will be our key local focus , while the central banks of Europe, UK and US are all set to meet and release their rate policy outlooks. For traders this week look for consolidation ahead of these major data pieces and events, looking to support at 0.6530’s and rallies exhausting at 0.6630’s.

Wall Street indices posted final session gains for the week as investors turned confident that the US economy was heading for a softer landing after the latest US Jobs report. The DJI was up +0.4%, the S&P500 gained +0.4% and the Nasdaq jumped +0.5% by close.  Australian shares look to open the week higher drawing confidence from the Wall Street moves and their employment data, but investors will be anticipating the release of Australian employment later in the week, to assess the course of future rate hikes by the RBA.

Gold prices declined back below the $2000 as US Treasury yields rallied post the US employment numbers with traders trimming their outlook for rate cuts next year.

Copper prices rallied higher on Friday with a lift in China demand for the base metal. Iron Ore futures on the Dalian exchange traded higher again on the back of China demand and expectations of further economic stimulus. Data over the weekend will likely dampen the enthusiasm today.

Brent Crude Oil prices saw session a rise of more than 2%, however over the week was another weekly decline as lingering oversupply concerns plunder this market.




Open today 0.6580

Yesterday’s Range 0.6559 / 0.6619


Open today  0.6121

Yesterday’s Range 0.6104 / 0.6178


Yesterday’s Range 1.0683 / 1.0757


Yesterday’s Range 0.6104 / 0.6138


Yesterday’s Range 4.7125 / 4.7435


Yesterday’s Range 0.5232 / 0.5263


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Economic Calendar

GBP - Rightmove HPI m/m
JPY - Prelim Machine Tool Orders y/y
CNY - New Loans
CNY - M2 Money Supply y/y
USD - 10-y Bond Auction
NZD - Visitor Arrivals m/m
AUD - RBA Gov Bullock Speaks
AUD - Westpac Consumer Sentiment
JPY - PPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66196 0.65579
nzd/usd 0.61749 0.61036
aud/nzd 1.07519 1.0699
usd/jpy 145.219 142.491
usd/cad 1.36093 1.35502
eur/usd 1.08007 1.0723
gbp/usd 1.26014 1.25023
aud/eur 1.63778 1.62902
aud/jpy 95.596 94.161
Equities and Commodities
S&P 500 4603.97
DOW 36223.9
Nasdaq 100 16076.1
ASX200 7210.88

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.