Marketwatch APAC

Daily Insights
October 16, 2023

Market Watch – 17th October 2023



Open today 0.6342

Yesterday’s Range 0.6294 / 0.6345


Open today  0.5928

Yesterday’s Range 0.5899 / 0.5929


Yesterday’s Range 1.0634 / 1.0707


Yesterday’s Range 0.5983 / 0.6013


Yesterday’s Range 4.6078 / 4.6374



Yesterday’s Range 0.5183 / 0.5208


The AUDUSD has opened higher into Asia after the US-dollar has broadly eased, with market participants reversing some of their safe-haven positions that were placed ahead of the weekend in response to the escalating crisis that was emerging in the Middle East. Whilst the situation remains tense, investors have returned their focus to broader global conditions and moved back to the equity commodity markets. The key event for Australia today will be the release of the RBA Minutes from the October Meeting, but are unlikely to shift the dial local markets. Look for some support in the 0.6280/90 zone, with selling into rallies for the day-trader preference, up to resistance at 0.6355/65.

Wall Street indices all ended in the black as investors choose to look through the Middle East problems and ponder a more benign US economic outlook and upbeat corporate earnings back drop as they look in to next year. Upbeat bank reports are helping to shape this opinion, but questions remain as to if it can be sustained. The DJI managed to gain  +0.9%, but the S&P500 was up +1% and the Nasdaq closed higher by +1.2% into the close. Australian shares are looking to track Wall Street higher, as investors re-evaluate the direction of equities and await the latest RBA Minutes to gauge any hint for local interest rate outlook.

Gold prices returned some of their weekend gains but the investors in lustre metals markets remain on edge with their sights on developments in the Middle East conflict.

Copper prices squeezed higher as the US-dollar eased and the PBoC injected liquidity, though Middle East developments weigh on the market.  Iron Ore prices have returned to favour, after investor sentiment was lifted by the latest Chinese stimulus.

Brent Crude Oil prices eased as traders note that there has been little disruption to oil supplies as a result of the Israel-Hamas conflict and chatter that US and Venezuela could reach a deal soon over sanctions on Venezuelan crude exports.


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Economic Calendar

AUD - Monetary Policy Meeting Minutes
JPY - Tertiary Industry Activity m/m
GBP - Claimant Count Change
GBP - Average Earnings Index 3m/y
GBP - Unemployment Rate
CNY - Foreign Direct Investment ytd/y
EUR - German ZEW Economic Sentiment
EUR - ZEW Economic Sentiment
GBP - MPC Member Dhingra Speaks
EUR - ECOFIN Meetings
GBP - 30-y Bond Auction
USD - FOMC Member Williams Speaks
CAD - Housing Starts
CAD - CPI m/m
CAD - Median CPI y/y
CAD - Trimmed CPI y/y
CAD - Common CPI y/y
CAD - Core CPI m/m
CAD - Foreign Securities Purchases
USD - Core Retail Sales m/m
USD - Retail Sales m/m
USD - Industrial Production m/m
USD - Capacity Utilization Rate
USD - FOMC Member Bowman Speaks
USD - Business Inventories m/m
USD - NAHB Housing Market Index
NZD - GDT Price Index
EUR - German Buba President Nagel Speaks
USD - Federal Budget Balance
USD - TIC Long-Term Purchases
AUD - RBA Gov Bullock Speaks
AUD - MI Leading Index m/m

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.63449 0.62903
nzd/usd 0.59293 0.58865
aud/nzd 1.07375 1.06163
usd/jpy 149.761 149.255
usd/cad 1.36572 1.36023
eur/usd 1.05627 1.05012
gbp/usd 1.22194 1.21233
aud/eur 1.66989 1.66248
aud/jpy 94.906 93.89
Equities and Commodities
S&P 500 4377.37
DOW 34006.3
Nasdaq 100 15182.3
ASX200 7074.73
GOLD 1919.14
WTI 87.09

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.