Marketwatch APAC

Daily Insights
December 3, 2023

Market Watch AU – 4th December 2023


The AUDUSD made broad gains on Friday following the positive PMI figures from China and then a softer read than expected from US ISM Manufacturing PMI’s, which remained unchanged for November, which left traders raising their expectation that the US Fed will cut rates in 2024, even though Fed Chair Powell was on the wires reiterating that it is premature to expect so. The AUDUSD gained 0.9% across the day and opens the week above 0.6650. Fighting resumes in Gaza so will be another factor in the global risk temperament to contend with as the AUD looks ahead to the final RBA Meeting for the year tomorrow. The latest polls have the Central Bank staying on hold but it will be a close call with them maintaining a hawkish stance in their Statement. Technically the AUDUSD is still trending higher, so analysts will be hoping for some consolidation of recent moves with support at 0.6575/85 on any pull back, however the RSI’s are rolling over and may suggest there is further correction into the support zone before the next advance resumes, but traders may see this as a buying opportunity rather than a deterioration of the uptrend.

Global and Wall Street stock indices finished the week higher as investor shrugged off comments from Powell who suggested policy makers were in no hurry to ease interest rates. The DJI ended higher by +0.8%, the S&P500 gained +0.6% and the Nasdaq ended just in the black up +0.6%.  Australian shares are expected to open higher again today, following moves from Wall Street with a positive start to the week.

Gold prices rallied higher as investors digested Fed Chair Powell’s comment to the outlook for the Fed, reiterating that it was too premature to be looking at rate cuts in the cycle, plus also adding that the committee would be ready to raise rates further should that be necessary.

Copper prices closed higher on the LME, lifted by a softer US-dollar on the day, gaining 1.7% to close at $8611/ton. Iron Ore prices on the Dalian exchange posted gains of Friday to finish off the week.

Crude Oil prices had a roller-coaster of a day after OPEC+ latest move to try and support prices by additional supply cuts that will be due to take effect in January 2024.




Open today 0.6651

Yesterday’s Range 0.6600 / 0.6676


Open today  0.6195

Yesterday’s Range 0.6148 / 0.6210


Yesterday’s Range 1.0702 / 1.0762


Yesterday’s Range 0.6051 / 0.6138


Yesterday’s Range 4.7165 / 4.7586


Yesterday’s Range 0.5221 / 0.5257


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Economic Calendar

AUD - MI Inflation Gauge m/m
AUD - ANZ Job Advertisements m/m
AUD - Company Operating Profits q/q
EUR - German Trade Balance
CHF - CPI m/m
EUR - Spanish Unemployment Change
EUR - Sentix Investor Confidence
GBP - MPC Member Dhingra Speaks
EUR - ECB President Lagarde Speaks
USD - Factory Orders m/m
JPY - Tokyo Core CPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66755 0.65994
nzd/usd 0.62095 0.6151
aud/nzd 1.07617 1.07017
usd/jpy 148.345 146.659
usd/cad 1.35569 1.34855
eur/usd 1.09126 1.08286
gbp/usd 1.27161 1.26135
aud/eur 1.65275 1.62759
aud/jpy 98.07 97.692
Equities and Commodities
S&P 500 4595.76
DOW 36240.7
Nasdaq 100 16002.8
ASX200 7137.04
GOLD 2071.48
WTI 74.65

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.