Marketwatch APAC

Daily Insights
November 7, 2023

Market Watch AU – 8th November 2023


The AUDUSD has experienced a volatile day, trading as high as 0.65-cents before retreating to 0.6404 in offshore activity. The Reserve Bank of Australia (RBA) yesterday, raised Cash Rates by 25bp to 4.35%, as widely expected, but the accompanying statement was considered by markets as dovish,  with the committee rephrasing the requirements for further rate hikes, by suggesting that any future tightening would be data dependent and subject to continuous risk assessment. On a macro stage, the China Trade data yesterday was mixed, with imports rising unexpectedly in October while exports contracted faster than was expected, sending indications that the recovery of their economy is still mixed. This also managed to deflate the AUDUSD along with some US-dollar strength overnight. A rise in Wall Street equities and a drop in US Treasury yields was a plus for the Aussie to recover from session lows. The pair opens with a cautious tone today with traders looking for resistance at 0.6500/10 to be prominent and buying interest to support at the psychological 0.6400 ahead of 0.6370 behind. With no essential economic data releases today , attention turns to Fed Chairman Powell’s speech later tonight and the RBA Statement of Monetary Policy on Friday.

Wall Street indices roared higher as Treasury yields fell, though investors are weighing up the Fed member commentary about a too strong US economy that may require the central bank to consider another interest rate hike to tame inflation. The DJI rose +0.3%, the S&P500 gains +0.4% and the Nasdaq closed up +1%. Australian shares lost ground yesterday , after the RBA hiked its interest rates by another 25bp, sending banking and energy shares lower.

Gold prices slipped to a two week low, as safe haven buying that was brought about by the Middle East conflict , dried up and oil prices hit 2-1/2 month lows

Copper prices on the LME reversed from recent highs as the US-dollar found strength and traders re-assess the demands from China after a mixed bag of Trading data released for October during the session yesterday. Iron Ore prices dropped as traders fear that the Chinese authorities will monitor futures contract trading volumes in a bid to control prices and dissuade speculative positions.

Crude Oil prices dropped to a 2-1/2 month low, shedding 4% on Brent and US Crude alike, as mixed data out of China offset the impost of Saudi and Russian output cuts.



Open today 0.6436

Yesterday’s Range 0.6404 / 0.6501


Open today  0.5936

Yesterday’s Range 0.5911 / 0.5970


Yesterday’s Range 1.0821 / 1.0900


Yesterday’s Range 0.6001 / 0.6069


Yesterday’s Range 4.6706 / 4.7335



Yesterday’s Range 0.5212 / 0.5268


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Economic Calendar

NZD - Inflation Expectations q/q
JPY - Leading Indicators
EUR - German Final CPI m/m
EUR - French Trade Balance
EUR - Italian Retail Sales m/m
EUR - Eurogroup Meetings
GBP - BOE Gov Bailey Speaks
EUR - Retail Sales m/m
USD - FOMC Member Cook Speaks
EUR - German 10-y Bond Auction
CAD - Building Permits m/m
USD - Fed Chair Powell Speaks
USD - Final Wholesale Inventories m/m
USD - 10-y Bond Auction
CAD - BOC Summary of Deliberations
USD - FOMC Member Williams Speaks
USD - FOMC Member Barr Speaks
USD - FOMC Member Jefferson Speaks
JPY - Bank Lending y/y
JPY - BOJ Summary of Opinions
JPY - Current Account

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65005 0.64037
nzd/usd 0.59664 0.5911
aud/nzd 1.08959 1.08207
usd/jpy 150.692 149.959
usd/cad 1.37824 1.3694
eur/usd 1.07193 1.0664
gbp/usd 1.23467 1.22625
aud/eur 1.66644 1.64503
aud/jpy 97.58 96.406
Equities and Commodities
S&P 500 4381.68
DOW 34157.3
Nasdaq 100 15311
ASX200 6984.29
GOLD 1968.55
WTI 77.44

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.