Marketwatch APAC

Daily Insights
October 31, 2023

The US-dollar has been the key focus for markets in the final sessions of the month and with some strength has weighed on the risk currencies, taking them to the lower band of their trading ranges. During the Asia session we saw China’s PMI for Manufacturing decline signaling there are still problems amidst their economic recovery and locally, the Australian release of Private sector Credit rose by 0.2% for September and annualized at 4.9%, slightly behind the 5.1% seen in the previous month. Australian data today will include Building Approvals and Judo Bank PMI Manufacturing, but attention for traders is firmly on the results US Fed Meeting tonight where no change is expected, with the committee maintaining a tightening bias which supports the outlook for a higher-for-longer rate path. The AUDUSD continues to trade its wider range with resistance at  0.64-cent and support at the double bottom in the 0.6270/75 zone. On a tighter time frame, weakness below 0.6330 could signal deeper decline under 0.63-cents, while on the contrary strength above 0.6380 will open the opportunity to sell into the 0.64-cents resistance.


Wall Street stocks completed the month on a positive note with all indices posting gains for the session, as investors digested a mix of earnings reports and looked ahead to the US Fed meeting conclusion tonight, that is expected to see rates policy on hold. The DJI rose +0.4%, the S&P500 gains +0.7% and the Nasdaq closed up +0.5%. Australian shares are expected to follow Wall Street higher today, but a softer commodity complex could cap any enthusiasm and weigh on the mining sectors.


Gold prices slipped back on the day but held on to gains for the month, as the Middle East conflict draws safe have flows, though focus has shifted to this weeks US Fed meeting outcomes.

Copper prices on the LME were pressured lower, as the US-dollar regained some ground , along with resurfacing concerns over China demand, following a downbeat set of Manufacturing number for their economy. Singapore Iron Ore prices fell, as signs of China’s economy looks to struggle, with a miss on expectations for their Manufacturing data.

Brent Crude Oil prices slipped further, as concerns for a disruption to crude supply, due to the Middle East conflict, appeared to ease, along with reports of increased outputs from both OPEC and the US.




Open today 0.6337

Yesterday’s Range 0.6315 / 0.6374


Open today  0.5825

Yesterday’s Range 0.5804 / 0.5857


Yesterday’s Range 1.0856 / 1.0913


Yesterday’s Range 0.5966 / 0.6007


Yesterday’s Range 4.6354 / 4.6745



Yesterday’s Range 0.5209 / 0.5242


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Economic Calendar

NZD - RBNZ Gov Orr Speaks
AUD - Building Approvals m/m
JPY - Final Manufacturing PMI
CNY - Caixin Manufacturing PMI
AUD - Commodity Prices y/y
GBP - Nationwide HPI m/m
EUR - French Bank Holiday
EUR - Italian Bank Holiday
CHF - Manufacturing PMI
GBP - Final Manufacturing PMI
USD - ADP Non-Farm Employment Change
CHF - SNB Chairman Jordan Speaks
CAD - Manufacturing PMI
USD - Final Manufacturing PMI
USD - ISM Manufacturing PMI
USD - JOLTS Job Openings
USD - ISM Manufacturing Prices
USD - Construction Spending m/m
USD - Wards Total Vehicle Sales
USD - Crude Oil Inventories
USD - Federal Funds Rate
USD - FOMC Statement
USD - FOMC Press Conference
CAD - BOC Gov Macklem Speaks
JPY - Monetary Base y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.63741 0.63144
nzd/usd 0.58571 0.58028
aud/nzd 1.09122 1.08579
usd/jpy 151.717 149.089
usd/cad 1.38921 1.38135
eur/usd 1.06746 1.05576
gbp/usd 1.22006 1.21196
aud/eur 1.67612 1.66443
aud/jpy 96.162 94.84
Equities and Commodities
S&P 500 4186.47
DOW 33002.8
Nasdaq 100 14377.6
ASX200 6809.35
GOLD 1982.3
WTI 81.3

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.