Marketwatch APAC

Daily Insights
April 4, 2024

Market Watch APAC – 5th April 2024


A surprise slowdown in US Services growth, which would support the notion of lowering interest rates, has pressured the US-dollar lower. Some respite though for the dollar came with US Fed officials remarks to inflation and the need to cut rates may be pushed further out if the numbers continue to stall.  The AUDUSD has added to its weekly gains and surpassed the 0.6615 resistance before retreating back below 0.66-cents. Markets will be tuned to the US March payroll report tonight, that may offer further weakness to the US-dollar and add gains to the trading majors, including the Aussie. Australian Trade Balance figures for February will entertain local traders in the Asia session. The levels to watch will be resistance at 0.6630/35 and support from buyers interest on dips to 0.6550/60 zone.


Wall Street stock indices ended the day lower, as the US Fed officials offered a cautious view on whether the central bank will be able to cut rates as soon as investors expect. The DJI was lower -1.4%, S&P500 lost -1.2% and the Nasdaq finished lower by -1.4%. Australian shares are expected to follow suit and open lower today, after Fed officials commentary that still caution the dot plot for rate cuts later this year. US jobs report will be a key for the equity bourses tonight.


Gold prices had an early session rally but pared gains as investors await further clues as to the timing of US rate cuts this year. Bullion prices were steady at the end of the day, closing around $2,300.

Copper prices traded up 1% on the LME, with noted interest from fund buying as the US-dollar retreated. The Dalian exchange will be closed for the day due to the Tomb Sweeping holiday in China.

Brent Crude prices finished the day higher once again, as traders considered supply disruptions from a worsening geopolitical landscape.



Open today 0.6588

Yesterday’s Range 0.6561 / 0.6619


Open today  0.6025

Yesterday’s Range 0.6005 / 0.6047


Yesterday’s Range 1.0913 / 1.0956


Yesterday’s Range 0.6056 / 0.6073


Yesterday’s Range 4.7572 / 4.7953


Yesterday’s Range 0.5186 / 0.5225


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Economic Calendar

CNY - Bank Holiday
AUD - Goods Trade Balance
JPY - Leading Indicators
EUR - German Factory Orders m/m
EUR - German Import Prices m/m
GBP - Halifax HPI m/m
EUR - French Industrial Production m/m
CHF - Foreign Currency Reserves
CHF - SECO Consumer Climate
GBP - Construction PMI
GBP - Housing Equity Withdrawal q/q
EUR - Retail Sales m/m
CAD - Employment Change
CAD - Unemployment Rate
USD - Average Hourly Earnings m/m
USD - Non-Farm Employment Change
USD - Unemployment Rate
USD - FOMC Member Barkin Speaks
CAD - Ivey PMI
USD - FOMC Member Bowman Speaks
USD - Consumer Credit m/m

Market Indicators

Currency Pairs
Pair High Low
Equities and Commodities
S&P 500 5152.19
DOW 38622.5
Nasdaq 100 17892.2
ASX200 7765.89
GOLD 2289.5
WTI 86.79

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.