Marketwatch APAC

Daily Insights
October 15, 2023

Market Update – 16th October 2023



Open today 0.6289

Yesterday’s Range 0.6287 / 0.6334


Open today  0.5901

Yesterday’s Range 0.5884 / 0.5934


Yesterday’s Range 0.5986 / 0.609


Yesterday’s Range 4.5965 / 4.6275



Yesterday’s Range 1.0639 / 1.0708


Yesterday’s Range 0.5174 / 0.5197

Oil , US Treasuries and Gold have all advanced in to the weekend close on Friday, driven by safe-haven demand as the Middle East conflict escalates. Risk assets like equities have been targeted, as investors recycle out of stocks to preferred safer haven assets. The NZDUSD and the Kiwi Bonds rallied from the open this morning, following the NZ Election over the weekend, where a Centre-Right government was elected. The AUDUSD has moved in tandem with the NZD moves at the open today, but traders last week noted that longer term investors in the AUD have started to exit as concerns mount for a riskier global growth outlook as geopolitical developments could lead to global growth declines. The key event for Australia this week will be the Aust Employment data, which could shift RBA expectations. Tuesday we get the release of the RBA Minutes from the October Meeting. Look for some support in the 0.6280/90 zone, with selling into rallies the day-trader preference, up to resistance at 0.6355.

Wall Street indices were mixed and predominantly lower as investors were eager to recycle out of risk assets in light of developments in the Middle East as Israel demands civilians leave the Gaza strip. The upbeat bank reporting season was overshadowed by the Middle East developments. The DJI managed a small gain of +0.1%, but the S&P500 was down -0.5% and the Nasdaq closed lower by -1.2% into the close. Australian shares are looking to open lower, in line with the losses on Wall Street as investors re-evaluate the direction of equities with higher oil prices threatening the inflationary outlook.

Gold prices rallied 3% as the safe haven nature of the lustre metals were firmly in the sights of investors as the Middle East conflict intensifies.

Copper prices fell for another session on Friday, as concerns for higher interest rates and mixed China data rattled the base metals markets.  Iron Ore prices have been pressured by global growth concerns and China property outlook.

Brent Crude Oil prices jumped 5.7% higher as investors price in the fallout from a widening Middle East conflict and the ramification from an even tighter supply outlook.



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Economic Calendar

JPY - Revised Industrial Production m/m
EUR - German WPI m/m
CNY - Foreign Direct Investment ytd/y
GBP - MPC Member Pill Speaks
EUR - Trade Balance
EUR - Eurogroup Meetings
CAD - Manufacturing Sales m/m
CAD - Wholesale Sales m/m
USD - Empire State Manufacturing Index
CAD - BOC Business Outlook Survey
USD - FOMC Member Harker Speaks
USD - Federal Budget Balance
NZD - CPI q/q

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.63095 0.62903
nzd/usd 0.59149 0.58865
aud/nzd 1.06775 1.06163
usd/jpy 149.57 149.255
usd/cad 1.36572 1.36302
eur/usd 1.05231 1.05012
gbp/usd 1.2149 1.21233
aud/eur 1.66989 1.6637
aud/jpy 94.298 93.89
Equities and Commodities
S&P 500 4338.04
DOW 33724.7
Nasdaq 100 15040.9
ASX200 7026.75
GOLD 1923.96
WTI 87.62

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.