News & Analysis
News & Analysis

US markets lower as rally takes a breather on disappointing data, Apple underwhelms

6 June 2023 By Lachlan Meakin


US stock indices were broadly lower in Monday’s session after an impressive start to June took a breather on a quiet news day, with the only tier one release being ISM services PMI which had a surprise miss coming in at 50.3 vs an expected 52.6 indicating the US economy is struggling to remain in expansion (a reading above 50).

Apple (AAPL) held its WWDC conference where new products were launched including its much awaited Vision Pro headset, investors seemed a little unimpressed with AAPL stock unwinding earlier strength (hitting record highs) to finish solidly in the red for the session.

FX Markets

USD was choppy to start the week but ultimately slightly weaker, The US Dollar index trading within a tight range (103.930-104.400) on a slow news day aside from ISM Services PMI. The DXY started the week following through from a strong NFP number on Friday, but the ISM Services miss saw it give up its gains with last week’s high of 104.70 looking like key resistance ahead of the FOMC meeting next Wednesday.

AUD saw upside and took advantage of USD weakness as opposed to anything currency specific, as market participants await the key RBA meeting today. The RBA it is expected to keep the cash rate unchanged at 3.85% although there is a chance of a 25bps hike due to the elevated inflation figures released last week. AUDUSD trading in a tight range between support and resistance zones.


Gold rallied in Mondays session on a weaker USD and falling yields after the ISM miss, XAUUSD finding strong support at 1938 USD once again.

Crude Oil attempted to hold it’s Monday morning gap up on the OPEC+ production cut news on the weekend, but filled the gap almost to the pip, USOUSD finishing flat for the session.

Scheduled economic releases are light on the ground again today, but a potentially very interesting RBA monetary policy meeting is scheduled for 14:30 AEST. Markets are expecting the RBA to hold rates at 3.85% after last month’s surprise hike. Though there is a round a 30% chance priced in of another surprise hike, and after last weeks very hot April inflation figure there is a definite chance of this happening, either way some market participants are going to be on the wrong side so a big move in AUD could be expected.

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