Marketwatch APAC

Daily Insights
October 24, 2023


Open today 0.6355

Yesterday’s Range 0.6331 / 0.6378


Open today  0.5844

Yesterday’s Range 0.5829 / 0.5872


Yesterday’s Range 1.0823 / 1.0890


Yesterday’s Range 0.5934 / 0.6005


Yesterday’s Range 4.6298 / 4.6631



Yesterday’s Range 0.5169 / 0.5229

The US-dollar gained across the US session, as US PMI’s exceeded expectations, but Treasuries remained somewhat steady. The AUD was able to buck the trend of other currencies against the US-dollar and marched higher as traders looked forward to the monthly and quarterly CPI release today, which could be enough to sway the RBA committee for a rate rise next week following Governor Bullock’s hawkish comments on Tuesday. The AUDUSD should look for some support at 0.6330/35 and after surpassing 0.6355 yesterday, looks to need an advance above the 0.6400/10 resistance to suggest a short-term bottom is in place.

Wall Street finished higher for the session amidst earnings reporting season optimism. The DJI was up +0.7%, the S&P500 also up +0.7% and the Nasdaq closed higher by +0.9%. Australian shares look to open steady as investors look forward to the CPI data release today, that may be enough to signal a rate rise from the RBA next week.

Gold prices eased earlier in the day, but rebounded off $1950 to close above $1970. Prices eased with safe haven buying slowing after Israel delayed its invasion of the Gaza strip. The rebound in the US-dollar also weighed on the lustre metals for the session.

Copper prices found gains of up to 1.4% on the LME as risk assets improved following the release of robust US economic data, though traders remain cautious to anything pointing to higher US rates being a negative for base metals.  Iron Ore prices on the Dalian had some wins across the day as the outlook improves with the approval of a one trillion yuan sovereign bond by Beijing.

Brent Crude Oil prices dropped 2%, following a swag of slow economic data from Germany , the eurozone and Britain, that flags a slowdown in energy demand. Eurozone business activity took a surprise downward turn for the month, suggesting it may slip into a recession , while Germany’s numbers suggest they are into a recessive environment already.



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Economic Calendar

AUD - CPI q/q
AUD - CPI y/y
AUD - Trimmed Mean CPI q/q
CHF - Credit Suisse Economic Expectations
EUR - German ifo Business Climate
EUR - M3 Money Supply y/y
EUR - Private Loans y/y
EUR - Italian 10-y Bond Auction
CNY - CB Leading Index m/m
EUR - Belgian NBB Business Climate
CAD - BOC Monetary Policy Report
CAD - BOC Rate Statement
CAD - Overnight Rate
USD - New Home Sales
USD - Crude Oil Inventories
CAD - BOC Press Conference
EUR - ECB President Lagarde Speaks
USD - Fed Chair Powell Speaks
AUD - RBA Gov Bullock Speaks
JPY - SPPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.63789 0.63342
nzd/usd 0.58726 0.58133
aud/nzd 1.08885 1.0829
usd/jpy 149.929 149.318
usd/cad 1.37544 1.36607
eur/usd 1.06943 1.0569
gbp/usd 1.22886 1.21243
aud/eur 1.68413 1.66288
aud/jpy 95.374 94.841
Equities and Commodities
S&P 500 4248.96
DOW 33231.6
Nasdaq 100 14740.3
ASX200 6878.22
GOLD 1970.8
WTI 83.64

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.