Marketwatch APAC

Daily Insights
November 8, 2023

Market Watch AU – 9th November 2023


The AUDUSD continued to shed ground and slipped to just under 0.64-cents as risk appetite wanes and US Fed officials maintain their hawkish stance and push back the notion of cutting rates any time soon. The key official speech will be that of Fed Chairman Powell’s presentation later tonight, our time. Though US Treasury yields retreated somewhat, the US-dollar made gains against a basket of the major global currencies, including the AUD. The AUDUSD pair retains its cautious tone today with traders looking for resistance initially at 0.6425/30 and support at 0.6400 ahead of 0.6370 behind, if trading bulls are going to rekindle any confidence for some intraday gains. Later today we look for China October CPI, expected to be -0.1% YoY and anything softer would increase the chances of an easing by the central bank and adding pressure to the Renminbi. As mentioned, it will be the speech from Fed Chairman Powell that will take centre stage for markets, due later tonight.

Wall Street indices finished the session little changed and losing steam as investors redirected their attention to Treasury yields and the latest comments from Fed officials, looking for signals for the direction of interest rates and the notion that they will be higher for longer. The DJI fell -0.2%, the S&P500 gained +0.1% and the Nasdaq closed up +0.1%. Australian shares should return a gain today, led by mining sector shares after iron ore prices got a lift with the pledge from the PBoC governor for further support to the flagging property sector.

Gold prices were on the back foot again for the day as investors awaited fresh indications for the trajectory of interest rates in the US.

Copper prices closed lower, but it was Zinc that was the base metal best performer, gaining near 2% after a fire at a large Russian mine added to supply concerns. Iron Ore prices rallied on the tail of a speech delivered by the PBoC Governor who re-affirmed support for the nation’s property sector, its largest consumer of steel.

Crude Oil prices dropped once again and to a 3-month low, shedding 2.5% on Brent, as analysts remain concerned over lower demand from US and China, the worlds largest consumers.



Open today 0.6402

Yesterday’s Range 0.6398 / 0.6449


Open today  0.5911

Yesterday’s Range 0.5907 / 0.5942


Yesterday’s Range 1.0827 / 1.0862


Yesterday’s Range 0.5977 / 0.6034


Yesterday’s Range 4.6608 / 4.6933


Yesterday’s Range 0.5209 / 0.5251


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Economic Calendar

GBP - RICS House Price Balance
CNY - CPI y/y
CNY - PPI y/y
JPY - 30-y Bond Auction
JPY - Economy Watchers Sentiment
GBP - MPC Member Pill Speaks
EUR - ECB Economic Bulletin
EUR - ECOFIN Meetings
USD - Unemployment Claims
USD - Mortgage Delinquencies
CAD - Gov Council Member Rogers Speaks
CHF - Gov Board Member Schlegel Speaks
EUR - ECB President Lagarde Speaks
USD - 30-y Bond Auction
USD - Fed Chair Powell Speaks
NZD - BusinessNZ Manufacturing Index
JPY - M2 Money Stock y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.64495 0.63893
nzd/usd 0.5942 0.58969
aud/nzd 1.08627 1.08086
usd/jpy 151.056 150.351
usd/cad 1.38145 1.37543
eur/usd 1.0716 1.06593
gbp/usd 1.23013 1.22418
aud/eur 1.673 1.65719
aud/jpy 97.094 96.456
Equities and Commodities
S&P 500 4380.95
DOW 34092.6
Nasdaq 100 15306.9
ASX200 7024.98
GOLD 1949.84
WTI 75.64

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.