Marketwatch APAC

Daily Insights
November 29, 2023

Market Watch AU – 30th November 2023


In trading yesterday, the AUDUSD retreated after the latest Australian CPI data showed inflation slowed more than market expectations. The CPI rose by 4.9%, against the analyst expectations of 5.2%, and corrected the AUDUSD lower but still holding ground over 0.66-cents. Overnight, the release of the US GDP data showed their economy had expended better than expected and gave the US-dollar a lift, that in turn limited the recovery for the Aussie.  The NZD got a boost yesterday after the RBNZ held OCR rates at 5.5%, but added unexpectedly that it may be necessary to raise the cash rate if inflation does not moderate. The AUDNZD tumbled back below 1.08-figure and the Kiwi rallied over 0.62-cents in response. There is an abundance of Asia regional data and Central Bank meetings today, that will keep traders ‘on their toes’ and shape their appetite for higher yielding assets. In Australia we look for the release of Private Sector Credit conditions, though not usually a market mover. Technically the AUDUSD is still trending higher, so analysts will be hoping for some consolidation of recent moves with support at 0.6575/85 on any pull back, however the RSI’s are rolling over and may suggest there is further correction into the support zone before the next advance resumes.

Global and Wall Street stock indices ended the day with a positive tilt, after US-GDP report was released and showed a rise to 5.2% annualized QoQ. It also showed inflation as trending lower with slight downward revisions to measures monitored by the Fed in setting policy. Investors are starting to factor in policy revisions for next year, though comments from Fed officials still comes with a mixed tone. The DJI ended higher by +0.2%, the S&P500 gained +0.1% and the Nasdaq ended just in the black up +0.05%.  Australian shares are expected to open higher again today, with the energy sector favoured for rising Oil prices ahead of the OPEC+ meeting and technology sector shares could get inspiration from Wall Street moves.

Gold prices held on to previous session gains near seven month highs as investors ponder the outlook for the Fed after the latest round of GDP quarterly data.

Copper prices softened in response to a firmer US-dollar and concerns for China’s economy today, with front month contracts easing -0.6% for the session. Iron Ore prices on the Dalian exchange continued their retreat, as Chinese authorities campaign to monitor prices and seen to intervene in the market to restrict price rallies.

Crude Oil prices added another $1/bbl for the day, as investors traded on the assumption that OPEC+ meeting would deliver further production cuts to supply and despite a jump in US gasoline and distillate stockpiles.




Open today 0.6617

Yesterday’s Range 0.6606 / 0.6676


Open today  0.6156

Yesterday’s Range 0.6132 / 0.6208


Yesterday’s Range 1.0723 / 1.0840


Yesterday’s Range 0.6022 / 0.6060


Yesterday’s Range 4.7189 / 4.7503


Yesterday’s Range 0.5209 / 0.5244


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Economic Calendar

NZD - ANZ Business Confidence
AUD - Building Approvals m/m
AUD - Private Capital Expenditure q/q
AUD - Private Sector Credit m/m
CNY - Manufacturing PMI
CNY - Non-Manufacturing PMI
JPY - Consumer Confidence
JPY - Housing Starts y/y
EUR - German Retail Sales m/m
CHF - Retail Sales y/y
EUR - French Consumer Spending m/m
EUR - French Prelim CPI m/m
EUR - French Prelim GDP q/q
CHF - KOF Economic Barometer
EUR - German Unemployment Change
EUR - Italian Monthly Unemployment Rate
EUR - Core CPI Flash Estimate y/y
EUR - CPI Flash Estimate y/y
EUR - Italian Prelim CPI m/m
EUR - Unemployment Rate
All - OPEC-JMMC Meetings
CAD - GDP m/m
EUR - ECB President Lagarde Speaks
USD - Core PCE Price Index m/m
USD - Unemployment Claims
USD - Personal Income m/m
USD - Personal Spending m/m
USD - FOMC Member Williams Speaks
USD - Chicago PMI
USD - Pending Home Sales m/m
USD - Natural Gas Storage
GBP - MPC Member Greene Speaks
EUR - German Buba President Nagel Speaks
JPY - Unemployment Rate
JPY - Capital Spending q/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66766 0.66055
nzd/usd 0.62081 0.61341
aud/nzd 1.08335 1.07037
usd/jpy 147.905 146.666
usd/cad 1.36148 1.35409
eur/usd 1.1017 1.0956
gbp/usd 1.27329 1.26581
aud/eur 1.66044 1.64972
aud/jpy 97.973 97.214
Equities and Commodities
S&P 500 4557.25
DOW 35531.5
Nasdaq 100 16013.9
ASX200 7041.25

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.