Marketwatch APAC

Daily Insights
April 11, 2024

Market Watch APAC – 12th April 2024


The release of US Producer Prices overnight has soothed inflation concerns, as US Fed officials roll out the rhetoric that they are in no rush to cut rates. The rise in US PPI was slower than expected and the Weekly Jobless Claims was also more modest than anticipated by analysts. Major banks have adjusted their rate cut forecasts as well shifting the chance of the first cut back to September with a 60% chance. Global interest rate differentials are still favouring the US-dollar. Over in Europe the ECB left rates on hold but flagged a cut was coming soon. The AUDUSD has kept its head above 0.65-cents for the day and traded back over 0.6535 as risk assets caught a bid and the US-dollar moderated, but day-traders and momentum funds have been seen selling into the fade. Nothing on the local calendar today, will have traders looking to the China Import/Export numbers and Trade Balance for any further signs the antipodeans can absorb these levels. Open interest on Asia equity markets and performances of the JPY and CNH will also draw some attention.

Wall Street stocks recovered after a significant sell off, as US PPI data signaled that US inflation remains in a cooling trend. The DJI added +0.2%, S&P500 up +0.8% and the Nasdaq gained +1.5%. Australian shares are expected to open cooler today as investors digest and re-assess the time lines for rate cuts later this year.

Gold prices picked up some of the previous day’s losses after a softer than expected release on US Producer Prices rekindled hopes for US rate cuts later this year.

Copper prices continued to trend lower with the LME down -0.3% at close. The Dalian Commodity exchange saw Iron ore prices gain slightly, still trading on hopes that China will forthcoming with stimulus to its construction industry.

Brent Crude prices eased over the session, but fears of re-directed Middle East tension have kept crude near $90/bbl.



Open today 0.6538

Yesterday’s Range 0.6502 / 0.6552


Open today  0.5997

Yesterday’s Range 0.5969 / 0.6014


Yesterday’s Range 1.0883 / 1.0913


Yesterday’s Range 0.6054 / 0.6099


Yesterday’s Range 4.7214 / 4.7523


Yesterday’s Range 0.5188 / 0.5212


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Economic Calendar

CNY - Trade Balance
CNY - USD-Denominated Trade Balance
JPY - Revised Industrial Production m/m
EUR - German Final CPI m/m
GBP - GDP m/m
GBP - Construction Output m/m
GBP - Goods Trade Balance
GBP - Index of Services 3m/3m
GBP - Industrial Production m/m
GBP - Manufacturing Production m/m
EUR - French Final CPI m/m
GBP - MPC Member Greene Speaks
CNY - New Loans
CNY - M2 Money Supply y/y
EUR - ECOFIN Meetings
GBP - NIESR GDP Estimate
USD - Import Prices m/m
USD - Prelim UoM Consumer Sentiment
USD - Prelim UoM Inflation Expectations
USD - FOMC Member Bostic Speaks
USD - FOMC Member Daly Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.6553 0.65017
nzd/usd 0.60146 0.59645
aud/nzd 1.09091 1.08514
usd/jpy 153.319 152.759
usd/cad 1.37256 1.36606
eur/usd 1.07565 1.06991
gbp/usd 1.25787 1.25106
aud/eur 1.65173 1.63503
aud/jpy 100.237 99.396
Equities and Commodities
S&P 500 5203.2
DOW 38495.1
Nasdaq 100 18324
ASX200 7789.56
GOLD 2373
WTI 85.58

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.