Marketwatch APAC

Daily Insights
October 18, 2023

Market Watch AU – 19th October 2023



Open today 0.6336

Yesterday’s Range 0.6328 / 0.6393


Open today  0.5855

Yesterday’s Range 0.5852 / 0.5920


Yesterday’s Range 1.0681 / 1.0826


Yesterday’s Range 0.6009 / 0.6040


Yesterday’s Range 4.6382 / 4.6756



Yesterday’s Range 0.5212 / 0.5242

During the Asia session the AUD and the NZD managed to edge higher after China’s Q3 GDP release surprised the markets to the upside, seeing growth of 1.3% for the quarter, and yoy print of 4.9% beating expectations of 4.4%. RBA Governor Michele Bullock also offered comment to Australia’s inflation and suggested that policymakers will have to raise rates again if inflation remains higher than expectations. Once the northern hemisphere took over the trading books, their attention swung back to the Middle East conflict, a desire for US-dollars and a swing back out of risk assets, that drove the antipodeans back to overnight session lows. In Australia today we await the release of the Employment numbers for September, which is expected to show no change to the Unemployment rate of 3.7% with an uplift of 20k new jobs added. Any divergent weakness to the release would see support for the RBA to remain on hold at the next meeting, and tip over the AUDUSD and possibly, to test back at the yearly lows. Look for some support at 0.63-cents on any weakness, with resistance persisting at the old pivot point of 0.64-cents. Day traders will continue to sell strength on any intra-day moves.

Wall Street stocks were dumped dragging the major indices lower as rising conflict in the Middle East dominates risk appetite and increases oil supply concerns. The DJI dropped -1%, the S&P500 ended the session lower by -1.4% and the Nasdaq closed lower by -1.6% at the close. Australian shares are looking to lower today dampened by Wall Street moves and rising tensions amidst the Middle East conflict.

Gold prices have rallied 1% higher as investors run for the safer haven lustre metals, with their sights on escalations in the Middle East conflict and higher oil prices.

Copper prices were marginally higher, though better than expected China data was not enough to offset US-dollar gains.  Iron Ore prices have flipped back, as lower than expected steel output and damaged property sector, raise concerns for demand outlook.

Brent Crude Oil prices returned significant gains again, as Iran weighs in with a call for an oil embargo on Israel over the Gaza conflict and laying concerns over global supplies. Brent futures were up 1.8% at close.

Economic Calendar

AUD - Employment Change
AUD - Unemployment Rate
AUD - NAB Quarterly Business Confidence
CNY - New Home Prices m/m
AUD - RBA Annual Report
CHF - Trade Balance
CNY - Foreign Direct Investment ytd/y
EUR - Current Account
EUR - Spanish 10-y Bond Auction
CAD - IPPI m/m
CAD - RMPI m/m
USD - Unemployment Claims
USD - Philly Fed Manufacturing Index
USD - FOMC Member Jefferson Speaks
USD - Existing Home Sales
USD - CB Leading Index m/m
USD - Natural Gas Storage
USD - Fed Chair Powell Speaks
USD - FOMC Member Goolsbee Speaks
USD - FOMC Member Barr Speaks
USD - Federal Budget Balance
USD - FOMC Member Harker Speaks
NZD - Trade Balance
USD - FOMC Member Logan Speaks
GBP - GfK Consumer Confidence
JPY - National Core CPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.63932 0.6326
nzd/usd 0.59195 0.58503
aud/nzd 1.0825 1.07878
usd/jpy 149.936 149.481
usd/cad 1.37162 1.36168
eur/usd 1.05942 1.05231
gbp/usd 1.22111 1.21334
aud/eur 1.66348 1.65532
aud/jpy 95.662 94.813
Equities and Commodities
S&P 500 4317.85
DOW 33671.2
Nasdaq 100 14935.8
ASX200 6997.46
GOLD 1950.29
WTI 88.18

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.