Marketwatch APAC

Daily Insights
December 4, 2023

Market Watch AU – 5th December 2023


The AUDUSD slid back into the support at 0.66-cents overnight as US Treasury yields picked up and gave US-dollar its strength. The local markets await the result of the Reserve Bank of Australia (RBA) meeting today, where the polls suggest they will remain on hold at 4.35% after a lighter than expected CPI print for October, but the analysts will be trawling the accompanying statement that could spring a hawkish surprise. Technically the AUDUSD is still trending higher, so analysts will be hoping for some consolidation of recent moves with support at 0.6575/85 on any further pull back and traders may see this as a buying opportunity rather than a deterioration of the uptrend. A hawkish tone from the RBA will see AUDUSD  resume gains to the weekly high at 0.6690’s.

Wall Street indices finished the day lower as mega cap stocks give back some gains. US Treasury bond yields lifted and also curbed recent gains. It appears that investors are going to be sensitive to market ‘bets’ on interest rates over the coming weeks. The DJI was down -0.1%, the S&P500 lost -0.5% and the Nasdaq fell -0.8%.  Australian shares lost ground yesterday and will be attentive to the RBA decision on the Cash Rate following their meeting today.

Gold prices retreated after hitting a new high during the session over $2100 with profit takers taking advantage of the rally, but if the US-dollar continues its retreat into the year end, we will likely see the lustre metal resume its trend higher.

Copper prices lower on a stronger US-dollar on the day, though support is seen from supply disruptions in Panama, where operations have been suspended at the Cobre Panama mine which usually accounts for about 1% of global supply. Iron Ore futures on the Dalian exchange declined for the day, losing just over 1% on the near dated contracts.

Crude Oil prices deteriorated over the day as traders seemed unimpressed by OPEC+ promise to extend output cuts, plus the gains in US-dollar added to the downward pressure.



Open today 0.6620

Yesterday’s Range 0.6605 / 0.6691


Open today  0.6165

Yesterday’s Range 0.6151 / 0.6223


Yesterday’s Range 1.0714 / 1.0770


Yesterday’s Range 0.6106 / 0.6147


Yesterday’s Range 4.7251 / 4.7679


Yesterday’s Range 0.5234 / 0.5271


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Economic Calendar

NZD - ANZ Commodity Prices m/m
GBP - BRC Retail Sales Monitor y/y
AUD - Current Account
CNY - Caixin Services PMI
AUD - Cash Rate
AUD - RBA Rate Statement
JPY - 10-y Bond Auction
EUR - French Industrial Production m/m
EUR - Spanish Services PMI
EUR - Italian Services PMI
EUR - French Final Services PMI
EUR - German Final Services PMI
EUR - Final Services PMI
GBP - Final Services PMI
EUR - PPI m/m
USD - Final Services PMI
USD - ISM Services PMI
USD - JOLTS Job Openings
USD - RCM/TIPP Economic Optimism
NZD - GDT Price Index

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66904 0.66046
nzd/usd 0.62224 0.61399
aud/nzd 1.07671 1.06946
usd/jpy 147.45 146.22
usd/cad 1.35619 1.34795
eur/usd 1.0895 1.0804
gbp/usd 1.27242 1.26037
aud/eur 1.63787 1.62685
aud/jpy 97.941 97.197
Equities and Commodities
S&P 500 4567.01
DOW 36180.9
Nasdaq 100 15832.3
ASX200 7090.78
GOLD 2028.38
WTI 73.29

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.