Market Watch AU – 18th December 2023
The US-dollar closed a busy week with a choppy session on Friday, as less dovish comments from US Fed official Williams gave the greenback a temporary boost before easing into the weekend. The antipodean currencies responded to the moves easing inside the session before closing the week on a positive note. The AUDUSD is looking to be a quiet day with little in the way of significant data to be released today. Ahead this week the market will look for the release of the RBA Minutes tomorrow to shed some light on how the central bank is lining up the outlook for 2024. The AUDUSD pair has been trading the trending channel, so day traders will look to continuing support at 0.6650/60 and grinding gains through to the resistance level at 0.6770.
Wall Street stocks finished the week in choppy fashion but registered a gain for the period. The DJI was up +0.2%, the S&P500 lost some small ground -0.01% and the Nasdaq gained +0.35% by close. Australian shares look to open softer today after Fed official John Williams delivered a more hawkish view to the interest rate outlook stating it was ‘premature’ to be discussing the end of the Fed’s tightening cycle.
Gold prices dipped on Friday but closed the week out with an overall gain. This market is still recycling in to the conclusion of the Fed hiking cycle.
Copper prices softened as the US-dollar managed some gains. Iron Ore futures on the Dalian exchange declined as the market was disappointed by the lack of further China stimulus measures forthcoming.
Crude Oil prices traded a wobbly session as traders attempted to grapple the outlook for demand and pricing in to the next year.
Open today 0.6706
Yesterday’s Range 0.6664 / 0.6728
Open today 0.6190
Yesterday’s Range 0.6169 / 0.6249
Yesterday’s Range 1.0768 / 1.0819
Yesterday’s Range 0.6087 / 0.6165
Yesterday’s Range 4.7556 / 4.7940
Yesterday’s Range 0.5243 / 0.5297
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