Marketwatch APAC

Daily Insights
December 5, 2023

Market Watch AU – 6th December 2023


The Reserve Bank of Australia (RBA) surprised markets yesterday with a seemingly less hawkish stance on the outlook for rates at their meeting. While markets had expected the central bank to stand pat for rates for the December meeting, they were not expecting the removal of the wording “inflation is still too high” and added comment to the fact that they mentioned that monthly CPI has slowed down, as part of their accompanying statement. The AUDUSD has dropped 1% on the interpretation and starts the Asia session with a bearish tilt, particularly as the US-dollar recovers following a stronger than expected ISM services PMI data release. US Non-Farm Payrolls will be keenly watched for markets to continue to shape their expectations for no more rate hikes and non-recessionary rate cuts next year. Australia gets a look at the release of Q3 GDP today, with market expecting +1.9% YoY and +0.5% for the quarter. The AUDUSD is on the back foot again and will be looking for support around 0.6520/30 while recovery above the 0.66-cent level could negate further downside trend.

Wall Street indices were mixed after a choppy session for stocks, after fresh US data re-enforced the investor notion that the Fed maybe done with rate hikes and even considering a rate cut by mid next year. The DJI was down -0.2%, the S&P500 lost -0.1% and the Nasdaq gained +0.1%.  Australian shares look to advance today after the RBA decision to hold on rates yesterday was in line with market expectations.

Gold prices retreated further as investors recycled back to the US-dollar ahead of the US Jobs data later in the week.

Copper prices fell 1.4% following ratings agency Moody’s cut to its China credit rating, from stable to negative, as well as a lift in LME warehouse inventories. Iron Ore futures on the Dalian exchange declined for the day, as traders remain wary of the Beijing authority’s supervision of pricing to ensure price stability.

Brent Crude Oil prices dropped -0.7% on the tail of a stronger US-dollar, offsetting supply concerns after Russia stated that OPEC+ was ready to deepen production cuts into Q1 next year.



Open today 0.6552

Yesterday’s Range 0.6544 / 0.6623


Open today  0.6129

Yesterday’s Range 0.6126 / 0.6274


Yesterday’s Range 1.0680 / 1.0748


Yesterday’s Range 0.6066 / 0.6113


Yesterday’s Range 4.6899 / 4.7350


Yesterday’s Range 0.5191 / 0.5243


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Economic Calendar

AUD - GDP q/q
EUR - German Factory Orders m/m
GBP - Construction PMI
EUR - Retail Sales m/m
GBP - BOE Financial Stability Report
GBP - FPC Meeting Minutes
GBP - FPC Statement
GBP - 10-y Bond Auction
GBP - BOE Gov Bailey Speaks
USD - ADP Non-Farm Employment Change
CAD - Labor Productivity q/q
CAD - Trade Balance
USD - Revised Nonfarm Productivity q/q
USD - Revised Unit Labor Costs q/q
USD - Trade Balance
CAD - BOC Rate Statement
CAD - Overnight Rate
CAD - Ivey PMI
EUR - German Buba President Nagel Speaks
USD - Crude Oil Inventories

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66216 0.65335
nzd/usd 0.6174 0.61049
aud/nzd 1.0741 1.06667
usd/jpy 147.388 146.557
usd/cad 1.35939 1.35363
eur/usd 1.08473 1.0778
gbp/usd 1.26515 1.25703
aud/eur 1.65167 1.63754
aud/jpy 97.511 96.068
Equities and Commodities
S&P 500 4570.65
DOW 36132.4
Nasdaq 100 15891.1
ASX200 7089.96
GOLD 2019.35
WTI 72.44

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.