Marketwatch APAC

Daily Insights
September 18, 2023


Open today 0.6437

Yesterday’s Range 0.6417 / 0.6453


Open today  0.5917

Yesterday’s Range 0.5894 / 0.5921


Yesterday’s Range 0.6019 / 0.6053


Yesterday’s Range 4.6795 / 4.7011


Yesterday’s Range 1.0876 / 1.0929


Yesterday’s Range 0.5186 / 0.5210

The AUDUSD has traded sideways over the last 24hrs ahead of the RBA Minutes of the latest meeting , where reaction is expected to be limited on the trading pair. The RBA is expected to retain its slightly hawkish stance, however their actions will remain data dependent. Michele Bullock takes over as RBA Chair as of yesterday and has held the ‘company line’ in her initial remarks. Also in the macro pipeline, is the FOMC meeting tomorrow, where it is widely expected that they will not raise rates, but analysts will be combing through the statements for any hint of a ‘dot plot’ for further meetings. The Aussie’s trading pattern is likely to remain rangebound ahead of the local central bank minutes and the US Fed meeting, with day traders looking to sell the fade into 0.6470/80 resistance , while support emerges at 0.6400/15 for today.

Wall Street closed steady on Monday, as investors tread water ahead of the US Fed meeting on Wednesday, where they are widely expected to leave rates on hold, but they will be looking for any hint of how long they will be expecting to keep rates elevated in the coming months. The DJI was up just +0.02%, while the S&P500 was up +0.07% and the Nasdaq near flat at +0.01% for the session. The Australian share market is expected to open lower today, weighed down by the mining sector which will be responding to the underlying commodity prices and with investor sentiment deflated ahead of the RBA meeting minutes for September.

Gold prices eked out small gains against an easing US-dollar for the day, as investors await the next round of rate decisions from the central banks of US, UK and Japan.

Copper prices traded softer in the opening session for the week, weighed down by renewed concerns over China demand and higher inventory levels at exchange warehouses.  Dalian Iron Ore prices softened on negative news surrounding China’s property sector.

Brent Crude Oil prices extended gains on the day, as expectations of tighter supply continue to influence the market with output cuts from Saudi and Russia.



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Economic Calendar

AUD - Monetary Policy Meeting Minutes
CHF - Trade Balance
CNY - Foreign Direct Investment ytd/y
EUR - Current Account
EUR - Final Core CPI y/y
EUR - Final CPI y/y
GBP - 30-y Bond Auction
CAD - CPI m/m
CAD - Median CPI y/y
CAD - Trimmed CPI y/y
CAD - Common CPI y/y
CAD - Core CPI m/m
USD - Building Permits
USD - Housing Starts
NZD - GDT Price Index
CAD - Gov Council Member Kozicki Speaks
NZD - Current Account
JPY - Trade Balance

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.64489 0.64165
nzd/usd 0.59211 0.58884
aud/nzd 1.09089 1.08632
usd/jpy 147.877 147.366
usd/cad 1.3528 1.34555
eur/usd 1.06986 1.06546
gbp/usd 1.24104 1.23494
aud/eur 1.66156 1.65004
aud/jpy 95.253 94.787
Equities and Commodities
S&P 500 4460.1
DOW 34650
Nasdaq 100 15254
ASX200 7208.45
GOLD 1933.14
WTI 92.2

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.