Marketwatch APAC

Daily Insights
November 1, 2023

Overnight, the Federal Open Market Committee (FOMC) left rates in the 5.25-5.50% range, as expected and has been the case since July. The Fed however did not rule out further hikes in acknowledging the unexpected resilience of the US economy, though in Fed Chairman Powell’s accompanying remarks in his presser he sent mixed messages and the market has interpreted them as an indication that the Fed is done with raising rates, noting financial conditions have tightened. The US-dollar has softened on the news and US rate futures have added to bets that the Fed is done for now. The Aussie dollar is up 0.8% for the day and  has been challenging the resistance at  0.64-cents in its response to the news.  Against the G10 majors, it has returned gains as well. On the local data front today, we look forward to the Trade Balance  for September and the Home loan Value, also for September, to draw some attention. Asia equity markets should also be in focus for further AUD direction. Technically looking, support for the AUDUSD now emerges at 0.6345/50 zone, while further supply above 0.64-cents is expected to slow the advance, however a clear break would see gains to 0.6500/05. Trader attention now returns to the RBA meeting next week, where market bets are swinging for a quarter point hike from them.

Wall Street indices all jumped higher on the news that the US Fed had left rates unchanged and investors are betting that the committee is done with hiking. The DJI rose +0.7%, the S&P500 gains +1.0% and the Nasdaq closed up +1.6%. Australian shares are expected to follow Wall Street higher again today, after the Fed keeps rates unchanged as was widely expected.

Gold prices eased across the day in response to the announcement that the FOMC had left rates unchanged and Fed Chair Powell’s comments that rate cuts are not on their radar right now.

Copper prices on the LME held steady and in the black, even as investors remained cautious as to the demand outlook after China reported softer Manufacturing data than was expected. Iron Ore prices strengthened, as market sentiment firmed with positive signals from the latest of China’s financial meetings.

Brent Crude Oil prices eased slightly for the day, as market players digested the outcomes from ‘no rate change’ from the US Fed and the accompanying statements from Fed Chairman Powell in his subsequent presser.



Open today 0.6393

Yesterday’s Range 0.6319 / 0.6400


Open today  0.5846

Yesterday’s Range 0.5789 / 0.5858


Yesterday’s Range 1.0879 / 1.0948


Yesterday’s Range 0.5979 / 0.6059


Yesterday’s Range 4.6363 / 4.6929



Yesterday’s Range 0.5207 / 0.5267


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Economic Calendar

AUD - Goods Trade Balance
JPY - 10-y Bond Auction
CHF - CPI m/m
EUR - French Gov Budget Balance
CHF - SECO Consumer Climate
EUR - Spanish Manufacturing PMI
EUR - Italian Manufacturing PMI
EUR - French Final Manufacturing PMI
EUR - German Final Manufacturing PMI
EUR - German Unemployment Change
EUR - Final Manufacturing PMI
EUR - Spanish 10-y Bond Auction
EUR - French 10-y Bond Auction
USD - Challenger Job Cuts y/y
GBP - BOE Monetary Policy Report
GBP - Monetary Policy Summary
GBP - MPC Official Bank Rate Votes
GBP - Official Bank Rate
GBP - BOE Gov Bailey Speaks
USD - Unemployment Claims
USD - Prelim Nonfarm Productivity q/q
USD - Prelim Unit Labor Costs q/q
USD - Factory Orders m/m
USD - Natural Gas Storage
CHF - SNB Chairman Jordan Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.63997 0.63181
nzd/usd 0.58582 0.57888
aud/nzd 1.09417 1.0861
usd/jpy 151.444 150.661
usd/cad 1.38989 1.38384
eur/usd 1.05808 1.05165
gbp/usd 1.21643 1.20957
aud/eur 1.67258 1.65023
aud/jpy 96.577 95.607
Equities and Commodities
S&P 500 4243.35
DOW 33274.2
Nasdaq 100 14695.8
ASX200 6886.97
GOLD 1983.02
WTI 80.75

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.