Marketwatch APAC

Daily Insights
February 15, 2024

Market Watch APAC – 16th February 2024


As has been the case for much of currency trading this week, it has been about the US-dollar reactions to economic data and Fed commentary for direction. The US-dollar fell overnight in reaction to the far weaker than expected US January Retail Sales but showed some recovery after analysts decided there were seasonal adjustments to the print. Currency majors and  the AUDUSD have all posted gains, the latter back through the swing point at 0.65-cents and cleared some of the supply above. Yesterday’s release of the Australian Employment data was weaker than anticipated with just 500 new jobs added against an expected 30k rise, while the unemployment rate was up at 4.1%, which was higher than the 3.9% for December. With the RBA continuing to reiterate that rate decisions are data dependent, this latest addition would support the Bank’s position to ease later in the year. Gains overnight have been met with supply above 0.65-cents, but if momentum rolls over to the Asia session we could see an advance through 0.6530/35 to nudge next resistance at 0.6550’s. Any retreat will  look for 0.6480 where a failure to hold could allow for a retest of the 0.6440/45 support. China markets are still closed for the Lunar New Year holidays today.

Wall Street and global stocks rallied after the release of the US Retail Sales, that declined more than expected, prompting investors to anticipate an earlier rate cut from the US Fed in coming months. DJI was up +0.7%, the S&P500 also added +0.5 %, and the Nasdaq picked up +0.2% over the session.  Australian shares are set to open higher today, following Wall Street moves and a lift in the commodity sectors, while investors assess corporate earnings, economic data and central bank commentary.

Gold prices nudged higher following the softer US Retail Sales print, as the shift out of US-dollars and US Treasuries favoured the lustre metals.

Copper prices returned gains for the day as the US-dollar eased and reversed previous session losses. The LME was up 1.4% at session close. The Dalian commodities exchange remains closed for Chinese Lunar New Year Holidays. Singapore Iron Ore  futures traded firmer, up 0.2%.

Brent Crude prices rebounded from earlier session losses after the US-dollar pullback, but gains were limited by an International Energy Agency report that highlight a slowing in demand for much of this year. Brent was trading up 1.4% near $82.80/bbl for the session.



Open today 0.6525

Yesterday’s Range 0.6478 / 0.6529


Open today  0.6106

Yesterday’s Range 0.6080 / 0.6127


Yesterday’s Range 1.0648 / 1.0686


Yesterday’s Range 0.6039 / 0.6062


Yesterday’s Range 4.6814 / 4.7116


Yesterday’s Range 0.5156 / 0.5191


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Economic Calendar

USD - FOMC Member Bostic Speaks
CNY - Bank Holiday
JPY - Tertiary Industry Activity m/m
EUR - German WPI m/m
GBP - Retail Sales m/m
CNY - Foreign Direct Investment ytd/y
EUR - French Final CPI m/m
CAD - Foreign Securities Purchases
CAD - Wholesale Sales m/m
USD - Core PPI m/m
USD - PPI m/m
USD - Building Permits
USD - Housing Starts
USD - FOMC Member Barr Speaks
USD - Prelim UoM Consumer Sentiment
USD - Prelim UoM Inflation Expectations
USD - FOMC Member Daly Speaks
GBP - MPC Member Pill Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65293 0.64774
nzd/usd 0.61273 0.60798
aud/nzd 1.06835 1.06362
usd/jpy 150.551 149.499
usd/cad 1.35516 1.3466
eur/usd 1.07848 1.07246
gbp/usd 1.26002 1.25404
aud/eur 1.65595 1.64768
aud/jpy 97.852 97.314
Equities and Commodities
S&P 500 5034.17
DOW 38756.3
Nasdaq 100 17891.2
ASX200 7697.19
GOLD 2004.4
WTI 78.18

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.