Marketwatch APAC

Daily Insights
April 18, 2024

Market Watch APAC – 19th April 2024

The latest release of the Australian Employment data came in a little more mixed than expected in March and gives the RBA room to hold off on rate cuts, as they reconsider the latest data. The unemployment rate is tracking below their earlier annual targets and the CPI release next week could mute their tightening bias and bring it back to neutral, for a chance of a rate cut, deeper in to the second half of the year. The AUDUSD traded firm in early overnight trading, but the fade extended in the US session as US-dollar rallied and US Treasury yields firmed. There are enough geopolitical tensions around that will continue to favour the US-dollar and drive it higher. The 0.6450’s level on the Aussie has been an important pivot in the last few months and will again be closely monitored for direction in to the weekend close. Day traders will remain attentive to intraday moves in risk assets and commodities, for inherent direction in the short-term.

Wall Street stocks were little changed, as investors digested the early release corporate earning reports and mulled over the latest comments from Fed officials, that point to the unlikely chance of a rate cut any time too soon. The DJI gained +0.1%, S&P500 down -0.2% and the Nasdaq slid -0.5%. Australian shares are expected to open softer today, as Wall Street offers no real clear direction and investor sentiment remains on the back foot hawkish Fed comments.

Gold prices up 1% for the day, as elevated tensions in the Middle East conflicts maintain safe haven interests for lustre metals.

Copper prices managed a gain of +2% on the LME, as traders and funds extended their buying interests. The Dalian Commodity exchange Iron Ore futures ended the day 3% higher supported by improving downstream demand for steel and hopes for further China economic stimulus.

Brent Crude prices settled little changed but under pressure, as traders contemplate mixed US economic data , US sanctions extending to Venezuela and Iran and the developments amidst tensions in the Middle East.



Open today 0.6421

Yesterday’s Range 0.6417 / 0.6456


Open today  0.5902

Yesterday’s Range 0.5899 / 0.5933


Yesterday’s Range 1.0863 / 1.0897


Yesterday’s Range 0.6024 / 0.6046


Yesterday’s Range 4.6528 / 4.6788


Yesterday’s Range 0.5158 / 0.5178


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Economic Calendar

EUR - German PPI m/m
GBP - Retail Sales m/m
CNY - Foreign Direct Investment ytd/y
GBP - MPC Member Breeden Speaks
GBP - MPC Member Ramsden Speaks
All - IMF Meetings
GBP - MPC Member Mann Speaks
EUR - German Buba President Nagel Speaks
USD - FOMC Financial Stability Report

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.64564 0.64089
nzd/usd 0.59328 0.58879
aud/nzd 1.08938 1.0833
usd/jpy 154.678 153.95
usd/cad 1.37814 1.37415
eur/usd 1.069 1.06367
gbp/usd 1.24844 1.24123
aud/eur 1.659 1.65377
aud/jpy 99.582 99.106
Equities and Commodities
S&P 500 5014.42
DOW 37779.3
Nasdaq 100 17418.1
ASX200 7593.83
GOLD 2384.07
WTI 82.8

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.