Marketwatch APAC

Daily Insights
November 5, 2023

Market Watch AU – 6th November 2023

The AUDUSD continued its march higher on Friday getting a final boost through 0.65-cents after the US Non-farm payrolls came in softer than expected and suggested the Fed will be done with raising rates further under its policy campaign. The key for the Aussie from here will be the Reserve Bank of Australia (RBA) meeting tomorrow. The economist polls suggest that there is a 90% chance that the RBA will raise rates by 25bp to 4.35%, while futures markets are pricing in 57% chance of a hike. While these expectations have been positive for the antipodean currencies, a diversion from this sentiment may deflate the AUDUSD momentum. Look for resistance at 0.6510/25 and buying interest to support at 0.6400/10 on initial moves. Looking ahead for markets this week data is more on the limited side of the scale with main events being the RBA decision tomorrow, Fed Chairman Powell’s speech and China monthly data the key releases to watch for the week.

Wall Street leading stocks rallied further on Friday into the weekend close, as US Treasury yields dropped after US Non-farm payrolls exhibited signs of slowing and an uptick in unemployment, supporting the market sentiment that the Fed maybe done with hiking interest rates. The DJI rose +0.7%, the S&P500 gains +0.9% and the Nasdaq closed up +1.4%. Australian shares are expected to open higher today, following the Wall Street mood and boosted by favourable commodity prices supporting the raw materials and energy sectors.

Gold prices traded higher into the weekend responding to the weaker US-dollar and easing Treasury yields, after US Non-farm Payrolls came in weaker and confirmed views that the US Fed is done with raising interest rates beyond the 5.25-5.50% band.

Copper prices on the LME got a lift from an easing US-dollar and softer Treasury yields, though higher inventory levels in exchange registered warehouses kept gains in check. Iron Ore prices enjoyed another positive week amidst stimulus related optimism for the raw material, though some concerns remain as to the extent of government supervision.

Brent Crude Oil prices dropped over 2% on Friday as Middle East conflict tensions eased supply concerns.



Open today 0.6509

Yesterday’s Range 0.6420 / 0.6518


Open today  0.5994

Yesterday’s Range 0.5885 / 0.6000


Yesterday’s Range 1.0849 / 1.0920


Yesterday’s Range 0.6045 / 0.6073


Yesterday’s Range 4.7061 / 4.7573



Yesterday’s Range 0.5255 / 0.5288


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Economic Calendar

AUD - MI Inflation Gauge m/m
NZD - ANZ Commodity Prices m/m
AUD - ANZ Job Advertisements m/m
JPY - BOJ Gov Ueda Speaks
EUR - German Factory Orders m/m
EUR - Spanish Services PMI
EUR - Italian Services PMI
EUR - French Final Services PMI
EUR - German Final Services PMI
EUR - Final Services PMI
EUR - Sentix Investor Confidence
GBP - Construction PMI
CAD - Ivey PMI
USD - FOMC Member Cook Speaks
GBP - MPC Member Pill Speaks
EUR - German Buba President Nagel Speaks
USD - Loan Officer Survey
USD - FOMC Member Kashkari Speaks
JPY - Average Cash Earnings y/y
JPY - Household Spending y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65183 0.64196
nzd/usd 0.60006 0.58842
aud/nzd 1.09198 1.08495
usd/jpy 150.5 149.172
usd/cad 1.37601 1.36468
eur/usd 1.07466 1.06147
gbp/usd 1.23894 1.21843
aud/eur 1.65343 1.64506
aud/jpy 97.32 96.575
Equities and Commodities
S&P 500 4362.28
DOW 34082.5
Nasdaq 100 15114.2
ASX200 6992.16
GOLD 1992
WTI 80.9

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.