Marketwatch APAC

Daily Insights
November 6, 2023

The AUDUSD steadied yesterday with traders digesting the rally of last week and positioning for the next few days events. The US-dollar managed to halt its slide over the session as US Treasury yields rebounded. The key for the Aussie today will be the Reserve Bank of Australia (RBA) meeting outcomes. The economist polls suggest the RBA will raise rates by 25bp to 4.35%, while the key focus will be on whether RBA Governor Michele Bullock sticks to her recent hawkish rhetoric and hints at further rate hikes to come. Recent data of CPI Q3, Retail Sales and robust consumer spending will be crucial in the board’s decision to raise today. Look for resistance at 0.6520/25 to be prominent and buying interest to support at 0.6450 ahead of 0.6400/10  to be the key levels to watch , should the RBA disappoint markets today. Either way it could be a volatile trading response to either decision following the meeting.

Wall Street indices were little changed by the end of the day but manage to print in the black, as markets await the guidance from a number of Fed officials later in the week, as to how the Bank’s policy outlook is unfolding. The DJI rose +0.1%, the S&P500 gains +0.2% and the Nasdaq closed up +0.3%. Australian shares are expecting to open softer today, as investors price in the likelihood of a rate hike from the RBA following their meeting today.

Gold prices slipped lower for the day, as Treasury yields gained and traders await Fed Chair Jerome Powell’s speech later in the week where they hope to garnish hints on the central bank’s likely trajectory on rates.

Copper prices on the LME gained 1% yesterday holding on to renewed hope of China’s commitment to boost imports and along with a softer US-dollar. Iron Ore prices ‘treaded water’ yesterday as renewed optimism for demand along with stimulus measures, was off set by some concerns as to the extent of government supervision after the recent rally and narrowing margins.

Brent Crude Oil prices gained marginally as Saudi and Russia re-iterated their commitment to tighten supply with voluntary cuts in to the year end.



Open today 0.6489

Yesterday’s Range 0.6486 / 0.6523


Open today  0.5964

Yesterday’s Range 0.5960 / 0.6002


Yesterday’s Range 1.0846 / 1.0891


Yesterday’s Range 0.6046 / 0.6077


Yesterday’s Range 4.7244 / 4.7527



Yesterday’s Range 0.5236 / 0.5270


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Economic Calendar

GBP - BRC Retail Sales Monitor y/y
CNY - Trade Balance
CNY - USD-Denominated Trade Balance
AUD - Cash Rate
AUD - RBA Rate Statement
CHF - Unemployment Rate
EUR - German Industrial Production m/m
GBP - Halifax HPI m/m
CHF - Foreign Currency Reserves
EUR - PPI m/m
GBP - 10-y Bond Auction
USD - FOMC Member Kashkari Speaks
USD - FOMC Member Goolsbee Speaks
CAD - Trade Balance
USD - Trade Balance
USD - FOMC Member Barr Speaks
USD - FOMC Member Waller Speaks
USD - IBD/TIPP Economic Optimism
USD - RCM/TIPP Economic Optimism
NZD - GDT Price Index
CAD - Gov Council Member Kozicki Speaks
USD - FOMC Member Logan Speaks
EUR - German Buba President Nagel Speaks
USD - Consumer Credit m/m
USD - Treasury Currency Report

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65227 0.64867
nzd/usd 0.60016 0.59611
aud/nzd 1.08908 1.08356
usd/jpy 150.017 149.201
usd/cad 1.36997 1.36289
eur/usd 1.07562 1.07186
gbp/usd 1.24284 1.23419
aud/eur 1.65398 1.64525
aud/jpy 97.506 96.967
Equities and Commodities
S&P 500 4366.91
DOW 34083.9
Nasdaq 100 15157.6
ASX200 6988.44
GOLD 1978.01
WTI 80.86

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.