Marketwatch APAC

Daily Insights
February 22, 2024

Market Watch APAC – 23rd February 2024


The AUDUSD has cleared interest through the 0.6570’s and  found next resistance of 0.6590/95 zone and will be looking to clear there for a chance at further gains to 0.6620/25. Most of these gains have been mad on the prevailing softness of the US-dollar this week and modest gains in commodity prices. The emergence of a carry trade with the divergence of interest rate policy between the US Fed and RBA have also become a focal point for investors. The lingering concerns over further stimulus to the Chinese economy will be a restrictive fundamental on the currency’s gains short term. On the downside, any retreat will look for 0.65-cents and 0.6480 behind, where a failure to hold could allow for a retest of the 0.6435/45 support. Analysts will be looking ahead to the Australian January CPI report due out next week which is expected to see inflation on the hotter side as upward pressures from house rents, petrol prices and utility bills are all still lingering.

Wall Street stocks rallied to new highs following a standout forecast for Nvidia revenue and helped other growth stocks post gains. The DJI was up 1.1%, S&P500 up 1.5% and the Nasdaq gained 2.9%. Australian shares will look to roll over the Wall Street enthusiasm and open higher today, plus added support from higher energy and tech sector shares.

Gold prices retreated from their highs as the latest US Jobless claims data drop showed resilience in the economy and investors await further data releases to guide their expectations for US Fed dot plot on interest rates. Gold eased -0.1% to $2022.74/ounce.

Copper prices firmed slightly on a softer US-dollar during the trading session. Dalian Iron ore prices continue to trade lower amid continuing concerns over China demand.

Brent Crude prices held gains and added smalls for the session, up just 0.4%% on the day, as concerns about supply tightness prevail.



Open today 0.6557

Yesterday’s Range 0.6540 / 0.6595


Open today  0.6195

Yesterday’s Range 0.6176 / 0.6218


Yesterday’s Range 1.0571 / 1.0611


Yesterday’s Range 0.6047 / 0.6072


Yesterday’s Range 4.7104 / 4.7447


Yesterday’s Range 0.5173 / 0.5202


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Economic Calendar

JPY - Bank Holiday
GBP - GfK Consumer Confidence
USD - FOMC Member Waller Speaks
CNY - New Home Prices m/m
EUR - German Final GDP q/q
CNY - Foreign Direct Investment ytd/y
GBP - MPC Member Greene Speaks
CHF - Gov Board Member Schlegel Speaks
EUR - German ifo Business Climate
EUR - German Buba President Nagel Speaks
EUR - Eurogroup Meetings
EUR - ECOFIN Meetings
CAD - Corporate Profits q/q
EUR - Belgian NBB Business Climate
USD - Fed Monetary Policy Report

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65951 0.65402
nzd/usd 0.62179 0.61766
aud/nzd 1.06107 1.05714
usd/jpy 150.687 150.013
usd/cad 1.35076 1.34405
eur/usd 1.0888 1.08026
gbp/usd 1.27094 1.26114
aud/eur 1.65384 1.6465
aud/jpy 99.02 98.365
Equities and Commodities
S&P 500 5082.42
DOW 39051.1
Nasdaq 100 17967.6
ASX200 7651.24
GOLD 2024.86
WTI 78.43

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.