Marketwatch APAC

Daily Insights
August 28, 2023

The Aussie dollar managed to gain some ground against the softer U.S. dollar today, to trade just under 0.6440. Powell’s remarks at Jackson Hole on Friday, left the market digesting still that rates may go higher if necessary.  Falling U.S. bond yields also helped the Aussie into positive territory, along with a positive Australia Retail Sales, coming in at a gain of 0.5%, much higher than the previous reading in June of -0.8%. Helping boost that retail sales number was the Women’s World Cup which was held in Australia, which will of course help the August number as well.

It is a full week of key data out of the U.S. this week with Consumer Confidence, Goods Trade Balance, Chicago PMI, Unemployment claims on Thursday and Non-Farm payrolls on Friday, which will be key as the market will be awaiting U.S. jobs data to get a much clearer picture of the U.S. economy and whether interest rates will keep on going higher.

The market will be paying very close attention to a speech from the soon to be RBA Governor Bullock, as it may give direction to AUDUSD, since the Central bank has paused on rate hikes in the last two meetings.

Economic Calendar

EUR - German GfK Consumer Climate
AUD - RBA Gov-Designate Bullock Speaks
EUR - EU Economic Forecasts
USD - S&P/CS Composite-20 HPI y/y
USD - HPI m/m
USD - CB Consumer Confidence
USD - JOLTS Job Openings
NZD - Building Consents m/m

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.64397 0.63945
nzd/usd 0.59256 0.58875
aud/nzd 1.0884 1.08232
usd/jpy 146.744 146.273
usd/cad 1.36114 1.3565
eur/usd 1.08277 1.07933
gbp/usd 1.26107 1.25618
aud/eur 1.68839 1.6783
aud/jpy 94.334 93.621
Equities and Commodities
S&P 500 4437.09
DOW 34575.6
Nasdaq 100 15064.3
ASX200 7185.13
GOLD 1920.92
WTI 79.98

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.