Marketwatch APAC

Daily Insights
December 13, 2023

Market Watch AU – 14th December 2023


The Fed Reserve held rates steady at the conclusion of their two day meeting overnight and also signalled that the tightening cycle of the last two years is coming to an end and lower borrowing costs to be expected in 2024. In a fresh statement Fed Officials made explicit attention to the fact that inflation “has eased over the past year”. The Fed’s dot plot projection implies 75 basis points of cuts in 2024 from its current level. Markets have responded favourably to the projection and with that the AUDUSD has rallied to 0.6670’s on the news, as the US-dollar slumps with US Treasury yields. Ahead today for the local market is the November Employment data, which is expected to show an uptick in the Unemployment rate of 3.8%, from 3.7%, while additional jobs is expected to slump to just +11k for the month. The AUDUSD pair returns to familiar congestion levels in the high 0.66-cents and will look to consolidate above the 200dma, currently around 0.6575.


Wall Street stocks surged higher after the US Fed announced no change to the interest rates and hinted at lower borrowing costs in 2024 suggesting that its tightening cycle of the last two years is at an end. The DJI was up +1.4%, the S&P500 gained +1.4% and the Nasdaq climbed just +1.4% by close.  Australian shares are expected to open higher tracking the US market and raised enthusiasm.


Gold prices were up over 1% for the session after the Fed flagged an end to its rate hike cycle.

Copper prices were softer ahead of the Fed meeting announcement but expected to get a lift from a softer US-dollar when markets open again today. Iron Ore futures on the Dalian exchange declined once again after a widely-watched government policy meeting in China concluded without any major new stimulus pledges.

Crude Oil prices recovered some of its previous session losses following a much larger than expected draw on US Crude inventories and an attack to a tanker in the Red Sea that potentially threatens supply.




Open today 0.6662

Yesterday’s Range 0.6542 / 0.6673


Open today  0.6175

Yesterday’s Range 0.6084 / 0.6214


Yesterday’s Range 1.0686 / 1.0767


Yesterday’s Range 0.6069 / 0.6133


Yesterday’s Range 4.7102 / 4.7693


Yesterday’s Range 0.5214 / 0.5287


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Economic Calendar

AUD - MI Inflation Expectations
GBP - RICS House Price Balance
AUD - Employment Change
AUD - Unemployment Rate
JPY - Revised Industrial Production m/m
CNY - Foreign Direct Investment ytd/y
CHF - PPI m/m
CHF - SNB Monetary Policy Assessment
CHF - SNB Policy Rate
CHF - SNB Press Conference
GBP - Monetary Policy Summary
GBP - MPC Official Bank Rate Votes
GBP - Official Bank Rate
GBP - BOE Inflation Letter
GBP - BOE Gov Bailey Speaks
EUR - Main Refinancing Rate
EUR - Monetary Policy Statement
CAD - Manufacturing Sales m/m
USD - Core Retail Sales m/m
USD - Retail Sales m/m
USD - Unemployment Claims
USD - Import Prices m/m
EUR - ECB Press Conference
USD - Business Inventories m/m
USD - Natural Gas Storage
NZD - BusinessNZ Manufacturing Index
AUD - Flash Manufacturing PMI
AUD - Flash Services PMI

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66732 0.65414
nzd/usd 0.62136 0.60839
aud/nzd 1.0767 1.06957
usd/jpy 145.994 142.629
usd/cad 1.36082 1.34948
eur/usd 1.08965 1.07729
gbp/usd 1.26346 1.25003
aud/eur 1.64798 1.63061
aud/jpy 95.663 95.175
Equities and Commodities
S&P 500 4708.47
DOW 37108.3
Nasdaq 100 16554.5
ASX200 7348.58
GOLD 2024.36
WTI 69.79

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.