Marketwatch APAC

Daily Insights
November 28, 2023

Market Watch AU – 29th November 2023


The AUDUSD has marched its way to a four month high in offshore trading and looking comfortable over 0.66-cents ahead of the Australian CPI due out this morning. These gains come in the face of a below expectation Retail Sales release yesterday and seemingly dovish comments from RBA Governor Bullock who noted that the Australian inflationary outlook was similar to countries overseas. The US-dollar declined to a three-and-half month low against the G10 peers after Fed Governor Waller suggested there was a possibility for the Fed to adjust its funds rate lower in coming months if inflation continues to ease. Traders have latched on to this commentary and increased bets for a Fed cut before March next year, to 33%. Treasury yields have also retreated. Importantly today for traders is the release of the Australian Consumer Price Index (CPI) for October, where a decline to 5.2%, from previous 5.6%, for headline CPI is expected.  Market sentiment remains mixed but trending higher, so analysts will look for some consolidation of recent moves, for a platform to build if there is a chance for another move up. Support has held to 0.6575/85 on any pull back. Also of note in our day’s trading, will see the RBNZ announce any changes to their OCR, though expected to remain at 5.5%.


Wall Street indices ended the day pretty much flat with investors digesting conflicting Fed Reserve officials as to what the Fed funds trajectory may look like into next year. Upbeat US consumer confidence data did offer some comfort to investors to add to growth portfolios. The DJI ended higher by just +0.2%, the S&P500 lost -0.04% and the Nasdaq softened by -0.02%.  Australian shares are expected to open higher today, with sturdy raw materials pricing underpinning the mining sector, though investors will be looking ahead to the CPI release later today, for a hint of direction on interest rates by the RBA.


Gold prices continue to climb for another session, up 1.4% in trading overnight, garnishing benefit from a weaker US-dollar and US Treasury yields softening, as investors continue to find excuses that the US Fed may be done with its rate hiking cycle.

Copper prices recovered higher for the day following news of possible supply disruptions in Panama and Peru mines, as well as indications that China will extend its support to their property sector. Iron Ore prices on the Dalian exchange retreated by 2.6% on the near-dated contracts, as Chinese authorities campaign to monitor prices and seen to intervene in the market to restrict price rallies

Crude Oil prices traded higher for the session, as investors traded on the assumption that OPEC+ meeting later this week would deliver further production cuts to supply, as well as a weaker US-dollar.




Open today 0.6649

Yesterday’s Range 0.6597 / 0.6666


Open today  0.6136

Yesterday’s Range 0.6080 / 0.6147


Yesterday’s Range 1.0826 / 1.0862


Yesterday’s Range 0.6027 / 0.6057


Yesterday’s Range 4.7232 / 4.7578


Yesterday’s Range 0.5227 / 0.5246


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Economic Calendar

AUD - CPI y/y
AUD - Construction Work Done q/q
NZD - Official Cash Rate
NZD - RBNZ Monetary Policy Statement
NZD - RBNZ Rate Statement
NZD - RBNZ Press Conference
EUR - French Final Private Payrolls q/q
EUR - German Import Prices m/m
EUR - German Prelim CPI m/m
EUR - Spanish Flash CPI y/y
CHF - Credit Suisse Economic Expectations
GBP - M4 Money Supply m/m
GBP - Mortgage Approvals
GBP - Net Lending to Individuals m/m
EUR - Italian 10-y Bond Auction
EUR - German 10-y Bond Auction
CAD - Current Account
USD - Prelim GDP q/q
USD - Prelim GDP Price Index q/q
USD - Goods Trade Balance
USD - Prelim Wholesale Inventories m/m
GBP - BOE Gov Bailey Speaks
USD - Crude Oil Inventories
USD - Beige Book
NZD - Building Consents m/m
JPY - Prelim Industrial Production m/m
JPY - Retail Sales y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66657 0.65962
nzd/usd 0.6147 0.60799
aud/nzd 1.08612 1.07973
usd/jpy 148.829 147.199
usd/cad 1.36132 1.3555
eur/usd 1.10089 1.09343
gbp/usd 1.27149 1.26069
aud/eur 1.65915 1.65078
aud/jpy 98.379 97.881
Equities and Commodities
S&P 500 4556.75
DOW 35421.2
Nasdaq 100 16019
ASX200 7036
GOLD 2040.6
WTI 76.58

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.