Marketwatch APAC

Daily Insights
October 25, 2023



Open today 0.6309

Yesterday’s Range 0.6305 / 0.6399


Open today  0.5802

Yesterday’s Range 0.5801 / 0.5870


Yesterday’s Range 1.0860 / 1.0915


Yesterday’s Range 0.5967 / 0.6039


Yesterday’s Range 4.6214 / 4.6770



Yesterday’s Range 0.5205 / 0.5258

After a brief rally for the AUDUSD yesterday, following the Australian CPI release, that came in stronger than expected and prompted markets to consider the likelihood of the RBA raising interest rates next week, the AUD has succumbed to the pressure of the stronger greenback overnight and slipped back to the 0.63-cent lows. Australian CPI accelerated to 5.6% for September, well ahead of the consensus expectation of 5.4%. The AUD, as we know, is highly correlated to risk appetite, global growth and commodity prices and while commodities have been performing well, the global growth story is contending with strong inflation weighing on economies and geo-political disruptions. This scenario would suggest the AUDUSD could be in for some further downside, as has been the trend and selling into any strength has been the preferred strategy. Focus now turns to the RBA Meeting next week, Governor Michele Bullock, who will appear before the Senate Economics Legislation Committee, and a potpourri of US data. As suggested, the AUDUSD is poised to challenge recent lows behind 0.63-cents support after failing to build on the test through 0.6400 resistance.

Wall Street stocks retreated heavily, eroding previous days gains, as enthusiasm waned for corporate earnings and US Treasuries rose, with revised consideration for a ‘higher for longer’ scenario on US interest rates. The DJI fell -0.3%, the S&P500 loses -1.4% and the Nasdaq closed down -2.4%. It is hard to see Australian shares opening with anything other than a heavy bias following the stronger than expected Q3 CPI data yesterday, prompting consideration that the RBA will raise rates at their meeting next week.

Gold prices held gains for the day as the Middle East conflict continued and investors look forward to the next round of US data.

Copper prices on the LME traded softer today, struggling g against a stronger US-dollar and further signs of headwinds in the Eurozone economy. Dalian and Singapore Iron Ore prices had their third consecutive day of gains as markets were buoyed by additional measures in China set to stimulate their economy.

Brent Crude Oil prices recouped their previous day losses, as markets turned to the ongoing conflict in the Middle East and the likelihood of tighter supply.


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Economic Calendar

AUD - Import Prices q/q
EUR - Spanish Unemployment Rate
GBP - CBI Realized Sales
EUR - Main Refinancing Rate
EUR - Monetary Policy Statement
USD - Advance GDP q/q
USD - Unemployment Claims
USD - Advance GDP Price Index q/q
USD - Core Durable Goods Orders m/m
USD - Durable Goods Orders m/m
USD - Goods Trade Balance
USD - Prelim Wholesale Inventories m/m
EUR - ECB Press Conference
USD - FOMC Member Waller Speaks
USD - Pending Home Sales m/m
USD - Natural Gas Storage
GBP - MPC Member Cunliffe Speaks
JPY - Tokyo Core CPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.63997 0.63
nzd/usd 0.58697 0.5795
aud/nzd 1.09148 1.08476
usd/jpy 150.314 149.792
usd/cad 1.38098 1.37302
eur/usd 1.06066 1.05531
gbp/usd 1.21759 1.20914
aud/eur 1.67686 1.6558
aud/jpy 95.898 94.551
Equities and Commodities
S&P 500 4190.13
DOW 33065.5
Nasdaq 100 14378.2
ASX200 6828.42
GOLD 1979.39
WTI 85.32

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.