Marketwatch APAC

Daily Insights
November 22, 2023

Market Watch AU – 23rd November 2023


The AUDUSD tried to rally initially yesterday, but got exhausted in the 0.6560’s and then it was the once again the US-dollar’s turn to find favour and advance against most majors after the release of the US Initial Jobless Claims came in below expectations, 209k v 225k expected. Investors continue to grapple with the central bank interest rate outlooks and as such are adding ‘noisy’ volatility to markets, particularly in risk assets. For the AUDUSD it appears to be bounded by interest in the 0.6525/0.6580’s range while markets try to analyse the current environment and what to expect next. The Thanksgiving Holiday interrupted weekend will temper volumes and activity till next week. The USDJPY rebounded on a widening of their respective Central Bank interest rate divergence and stop loss positioning around 148.50. With only the release of the Judo Bank PMI’s data on the Australian eco calendar today, look for rallies in the AUDUSD to keep finding resistance at 0.6590’s, while support at the 0.6520’s should see buying opportunities for day traders.

Wall Street indices produced some broad based gains for the day despite the attention to the US-dollar after the US weekly Jobless Claims, as investors were keen to position into the Thanksgiving Holiday weekend. The DJI was up +0.6% for the day, the S&P500 rose +0.4% and the Nasdaq advanced +0.5% for the session. Australian shares are expected to open firmer today, though a fall in Oil prices could undermine the energy sector.

Gold prices drift back below $2,000/ounce, as the US-dollar picks up and US Treasury yields pare some losses.

Base metal prices slipped lower for the day, with Copper shedding -1.1%, as the US-dollar strengthened and signs that recent sluggish demand has allowed LME stockpiles to recover. Iron Ore prices on the Dalian exchange held gains for another day.

Brent Crude Oil prices dropped 1% for the day after OPEC+ called a delay to their meeting by a week to Nov 30, with traders now questioning whether there is some disagreement between the cartel over future production cuts.



Open today 0.6543

Yesterday’s Range 0.6522 / 0.6569


Open today  0.6022

Yesterday’s Range 0.5997 / 0.6064


Yesterday’s Range 1.0824 / 1.0877


Yesterday’s Range 0.5990 / 0.6024


Yesterday’s Range 4.6689 / 4.7018


Yesterday’s Range 0.5215 / 0.5246


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Economic Calendar

JPY - Bank Holiday
EUR - French Flash Manufacturing PMI
EUR - French Flash Services PMI
EUR - German Flash Manufacturing PMI
EUR - German Flash Services PMI
EUR - Flash Manufacturing PMI
EUR - Flash Services PMI
GBP - Flash Manufacturing PMI
GBP - Flash Services PMI
EUR - ECB Monetary Policy Meeting Accounts
USD - Bank Holiday
CAD - Corporate Profits q/q
NZD - Retail Sales q/q
NZD - Core Retail Sales q/q
JPY - National Core CPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65697 0.65211
nzd/usd 0.60639 0.59962
aud/nzd 1.08764 1.08288
usd/jpy 149.748 148.016
usd/cad 1.37652 1.36758
eur/usd 1.09227 1.08522
gbp/usd 1.25495 1.2449
aud/eur 1.6697 1.65937
aud/jpy 97.928 97.081
Equities and Commodities
S&P 500 4555.31
DOW 35260.9
Nasdaq 100 15996
ASX200 7058.89
GOLD 1989.88
WTI 76.76

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.