Marketwatch APAC

Daily Insights
October 23, 2023

Market Watch AU – 24th October 2023



Open today 0.6336

Yesterday’s Range 0.6290 / 0.6349


Open today  0.5845

Yesterday’s Range 0.5808 / 0.5857


Yesterday’s Range 1.0812 / 1.0864


Yesterday’s Range 0.5937 / 0.5973


Yesterday’s Range 4.6078 / 4.6424



Yesterday’s Range 0.5171 / 0.5203

The AUDUSD managed a modest bounce, aided by a softer US-dollar across the US session, but still remains bearish for the time being. Aid convoys into Gaza and the release of two Israeli prisoners have encouraged an uptick in sentiment towards the immediate risks that have been circulating markets and prompted a retreat for Gold and Oil prices. US Treasury yields have declined and the root reason for the weaker dollar over the session. RBA Chair Michele Bullock is to deliver her first prepared speech today at the CBA Global Markets Conference in Sydney today and will be closely watched by traders. Australian analysts, however, have the Q3 CPI on Wednesday to look forward to, which could add further to the 30% expectation for a RBA rate hike at the November meeting. Day traders will continue to play the range on any intra-day moves. Look for support continuing at 0.6290/00 zone on any weakness, with resistance persisting at the old pivot point of 0.64-cents. Gains above 0.6355 will be encouraging for a shorter term view of further strength, but the AUDUSD pair is still considered to be in a downtrend.

Wall Street indices were mixed and stocks erred lower into the close, as the Gaza conflict continues and Oil and gold slides. The DJI dropped -0.6%, the S&P500 ended the session lower by -0.2% and the Nasdaq closed higher by +0.3% by the close. Australian shares are likely to open lower again today, weighed down by resource shares that are responding to underlying commodity prices, while investors look forward to tomorrows inflation data release.

Gold prices eased for the day, after hovering close to the $2000 level that arose from the latest round of safer haven flows. Investors are now awaiting further US data releases and the developments in the Gaza conflict for further impetus.

Copper prices slid lower, due to the lack of forthcoming stimulus from leading consumer China and its property sector, plus the ongoing geo-political disruption in the Middle East.  Iron Ore prices on the Dalian closed lower again as traders continue to focus on the Chinese property sector and the hint of weaker demand from local steel mills.

Brent Crude Oil prices dropped 2%, as traders responded to considerations for a lesser disruption to supply, as diplomatic efforts to contain the conflict between Israel and Hamas intensified.



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Economic Calendar

JPY - Flash Manufacturing PMI
JPY - BOJ Core CPI y/y
EUR - German GfK Consumer Climate
GBP - Claimant Count Change
GBP - Unemployment Rate
EUR - French Flash Manufacturing PMI
EUR - French Flash Services PMI
EUR - German Flash Manufacturing PMI
EUR - German Flash Services PMI
AUD - RBA Gov Bullock Speaks
EUR - Flash Manufacturing PMI
EUR - Flash Services PMI
GBP - Flash Manufacturing PMI
GBP - Flash Services PMI
GBP - CBI Industrial Order Expectations
CAD - NHPI m/m
EUR - ECB President Lagarde Speaks
USD - Flash Manufacturing PMI
USD - Flash Services PMI
USD - Richmond Manufacturing Index

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.63487 0.62887
nzd/usd 0.58576 0.58071
aud/nzd 1.08474 1.08006
usd/jpy 149.989 149.475
usd/cad 1.37362 1.3667
eur/usd 1.06778 1.05714
gbp/usd 1.22586 1.21433
aud/eur 1.68452 1.67371
aud/jpy 95.019 94.316
Equities and Commodities
S&P 500 4229
DOW 32997.9
Nasdaq 100 14651.3
ASX200 6825.48
GOLD 1973.57
WTI 86.15

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.