Marketwatch APAC

Daily Insights
October 11, 2023


Open today 0.6414

Yesterday’s Range 0.6389 / 0.6445


Open today  0.6020

Yesterday’s Range 0.6007 / 0.6055


Yesterday’s Range 0.6034 / 0.6072


Yesterday’s Range 4.6654 / 4.6942



Yesterday’s Range 1.0619 / 1.0667


Yesterday’s Range 0.5203 / 0.5240

The markets traded cautiously yesterday, ahead of the US release for PPI, September. The US-dollar reaction was somewhat muted on the release, with more activity in response to the Fed Minutes to the September meeting, where it showed members agreed that they should “proceed carefully”, but also leaving the door open for a further hike, while some members are adamant no more hikes are needed. Overall risks currencies have retreated from daily highs and the US-dollar has stabilized after several sessions of decline. Ahead today attention will be on the US CPI release tonight, while locally the AUDUSD will follow the performance across Asia equity markets and AUDJPY moves to provide direction in our session today. The Middle East conflict will also demand attention for traders as we watch closely for any developments there. Continued resistance seen in the 0.6435/65 zone and support at 0.6390 with further interest back to 0.6370’s.

Wall Street struggled for direction and remains cautious ahead of the US CPI release tonight. Minutes of the Fed September meeting provided afternoon support to the asset class. In afternoon trading, the DJI was up +0.2%, the S&P500 was up +0.4% and the Nasdaq was up +0.7% for the session. Australian shares are looking to open lower, reflecting the stagnation on Wall Street and Oil futures denting the energy sectors.

Gold prices held firm for the day, advancing modestly as investors digested the US PPI, which rose by more than forecast, suggesting the inflationary hedge of the lustre metals remains relevant.

Copper prices were little changed though interest remained positive with the announcement that China will close some of their coking ovens by the end of the year, and require supplies from alternative sources such as Australia.  Iron Ore futures gain as traders respond to the suggestions that Beijing will opt for more targeted measures to soften the blow for China’s property sector .

Brent Crude Oil prices closed lower for the session, as traders remain attentive to any supply disruptions as a result of the conflict in the Middle east.


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Economic Calendar

AUD - MI Inflation Expectations
GBP - GDP m/m
GBP - Construction Output m/m
GBP - Goods Trade Balance
GBP - Index of Services 3m/3m
GBP - Industrial Production m/m
GBP - Manufacturing Production m/m
GBP - BOE Credit Conditions Survey
GBP - MPC Member Pill Speaks
CNY - New Loans
CNY - M2 Money Supply y/y
EUR - ECB Monetary Policy Meeting Accounts
USD - Core CPI m/m
USD - CPI m/m
USD - CPI y/y
USD - Unemployment Claims
GBP - NIESR GDP Estimate
All - IMF Meetings
USD - Natural Gas Storage
USD - Crude Oil Inventories
USD - 30-y Bond Auction
USD - Federal Budget Balance
NZD - BusinessNZ Manufacturing Index
JPY - M2 Money Stock y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 1.56541 1.55147
nzd/usd 1.66467 1.65128
aud/nzd 1.06667 1.06183
usd/jpy 149.324 148.424
usd/cad 1.36235 1.35711
eur/usd 0.94504 0.94029
gbp/usd 0.81502 0.81052
aud/eur 1.6574 1.64677
aud/jpy 95.732 95.21
Equities and Commodities
S&P 500 4386
DOW 33839.7
Nasdaq 100 15276.7
ASX200 7102.25
GOLD 1874.89
WTI 83.15

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.