Marketwatch APAC

Daily Insights
February 8, 2024

Market Watch AU – 9th February 2024


The US-dollar gained today as data for unemployment claims came in lower than expected for the week and once again reinforces how resilient the labor market has been and underpins the Fed message that interest rates will remain higher for longer.  As this has been one of the key drivers for the AUDUSD over the past couple of years, the pair has eased lower below 0.65-cents across the day, as the USD strengthened. On trading floors the AUDUSD  found support at the 0.6480 level, which has been an a key for traders as a daily bearish signal. Ultimately it will be the continuing moves on the US-dollar and its reaction to interest rate trajectory expectations, that steers the Aussie, though at the same time the notion of a global economy shrinking has investors concerned over commodity currencies.  For today locally, we look ahead to RBA Bullock’s Testimony for further clues on the Central Banks’s outlook, though not expected to be a market mover. The AUDUSD should find initial support at 0.6470/80 zone, with a more important 0.6470 behind and resistance to continue at 0.6535/50 area on any strength.

Wall Street stock indices were little changed for the day, however a tad lower as investors continue to welcome quarterly earnings reports and monitoring economic data releases for possible US interest rate cuts. The DJI was down -0.02%, the S&P500 lower by -0.04%, and the Nasdaq gaining +0.2% over the session.  Australian shares are set to open softer, weighed down by gold miners and as investors review comments from US Fed policy makers on their expectations for policy path.

Gold prices lost ground for the day as the US-dollar strengthened, with better US Treasury yields, on the diminishing hopes for an early rate cut from the Fed.

Copper prices returned small gains for the day with an upbeat sentiment from Chinese equities. Dalian Iron ore futures also traded firmer yesterday on hopes for further support measures from Chinese authorities to curtail their struggling economy.

Brent Crude prices strengthened again, after the US imposed sanctions on suppliers of Russian crude and Israel rejects a ceasefire offer from Hamas.



Open today 0.6492

Yesterday’s Range 0.6481 / 0.6532


Open today  0.6097

Yesterday’s Range 0.6079 / 0.6124


Yesterday’s Range 1.0647 / 1.0678


Yesterday’s Range 0.6020 / 0.6058


Yesterday’s Range 4.6780 / 4.7085


Yesterday’s Range 0.5141 / 0.5169


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Economic Calendar

EUR - German Final CPI m/m
CNY - New Loans
CNY - M2 Money Supply y/y
EUR - Italian Industrial Production m/m
EUR - German Buba President Nagel Speaks
CAD - Employment Change
CAD - Unemployment Rate

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65319 0.64804
nzd/usd 0.61235 0.60651
aud/nzd 1.06746 1.06447
usd/jpy 149.478 147.927
usd/cad 1.34928 1.34476
eur/usd 1.07887 1.07415
gbp/usd 1.26385 1.25716
aud/eur 1.66108 1.65058
aud/jpy 97.035 96.543
Equities and Commodities
S&P 500 4998.77
DOW 38728.3
Nasdaq 100 17785.6
ASX200 7660.83
GOLD 2033.73
WTI 76.57

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.