Marketwatch APAC

Daily Insights
December 6, 2023

Market Watch AU – 7th December 2023

The AUDUSD rose modestly on intraday trading in Asia yesterday, garnishing direction from equity bourses in the region which were all trading positive for the session. The Australian Q3 GDP report was also released and showed the economy expanded by a less-than-expected 0.2% while the annualized came in a 2.1%yoy, which added to the evidence that the economy is slowing and find markets revising price expectations that reflect potential rate cuts by the middle of next year. Going in to the northern hemisphere session the AUDUSD had retreated from intraday gains, as the US-dollar once again picked up momentum and sees the ‘risk’ pair trading on support at its short term moving averages around 0.6540’s. Day traders will be looking to fade the rallies in to the 0.66-cent level for today, as we await the next important data release of US Non-farm Payrolls due out tomorrow night. For Australia today we look for the latest Trade figures , which is expected to be a favourable $7500mln for October and above last of $6786m. Further advance for the Aussie above 0.66-cents could negate the downside pressure, but bias from the open remains to the downside looking at support initially in the 0.6540’s with deeper interest at 0.6500/10.

Wall Street stocks closed lower for the day going against the flavour of other global equity bourses for the day, that were positive. The US bourse had started the day positive following the European tone, but was dashed by November ADP jobs report that showed the economy added less jobs than had been expected in a further sign the economy is responding to the Fed rates policy. The DJI was down -0.2%, the S&P500 lost -0.4% and the Nasdaq dropped -0.6%.  Australian shares look to open lower today following the close of Wall Street and tracking the mixed performances of commodity prices.

Gold prices have rebounded after hitting a one-week low of $2009, in response to retracting US bond yields over the day.

Copper prices declined, after giving up earlier gains, as traders contemplate the Fed’s next move following the US ADP report that showed declining private payrolls are adding to evidence of a cooling labour market. Iron Ore futures on the Dalian exchange rebounded for the day, as key steel mills increase production amidst a decline in inventories at the end of November.

Brent Crude Oil prices fell to a five month low as US producers flood the market with supply. US inventory data released overnight shows a draw of 4.6mln bbl versus an expected 1mln bbls this week.



Open today 0.6549

Yesterday’s Range 0.6548 / 0.6597


Open today  0.6138

Yesterday’s Range 0.6128 / 0.6277


Yesterday’s Range 1.0660 / 1.0697


Yesterday’s Range 0.6064 / 0.6113


Yesterday’s Range 4.6951 / 4.7225


Yesterday’s Range 0.5199 / 0.5231


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Economic Calendar

AUD - Goods Trade Balance
CNY - Trade Balance
CNY - USD-Denominated Trade Balance
JPY - 30-y Bond Auction
JPY - Leading Indicators
CHF - Unemployment Rate
EUR - German Industrial Production m/m
GBP - Halifax HPI m/m
EUR - French Trade Balance
CHF - Foreign Currency Reserves
EUR - Italian Industrial Production m/m
EUR - Final Employment Change q/q
EUR - Italian Retail Sales m/m
EUR - Revised GDP q/q
EUR - Eurogroup Meetings
EUR - French 10-y Bond Auction
USD - Challenger Job Cuts y/y
CAD - Building Permits m/m
USD - Unemployment Claims
USD - Final Wholesale Inventories m/m
USD - Natural Gas Storage
CAD - Gov Council Member Gravelle Speaks
USD - Consumer Credit m/m
NZD - Manufacturing Sales q/q
JPY - Average Cash Earnings y/y
JPY - Household Spending y/y
JPY - Bank Lending y/y
JPY - Current Account
JPY - Final GDP Price Index y/y
JPY - Final GDP q/q

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65972 0.65389
nzd/usd 0.61766 0.61222
aud/nzd 1.06961 1.064
usd/jpy 147.497 146.894
usd/cad 1.35963 1.35484
eur/usd 1.08045 1.07515
gbp/usd 1.26136 1.25365
aud/eur 1.64659 1.6359
aud/jpy 97.172 96.262
Equities and Commodities
S&P 500 4551.98
DOW 36067.6
Nasdaq 100 15795
ASX200 7160.6

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.