Market Watch APAC – 1st Mach 2024
The release of the US inflation data came without surprise and revealed an annualized increase that was the smallest in nearly three years. Markets responded and eased Treasury yields across the 2,10 and 30yr, as expectations firm for a rate cut by the Fed, as soon as June take hold. The AUDUSD spent the day trading around the 0.65-cents pivot seeing support at the 0.6470/80 zone with rallies being met with supply into 0.6545/55 area. With nothing of note on the Australian data calendar today, traders will look to sell the fade over 0.65-cents and monitor China PMI’s for any immediate directional catalysts.
Wall Street stocks registered gains as US inflation data printed as expected and keeps a June rate cut from the Fed a possibility. Also a lift in the tech sector lifted the Nasdaq in particular. The DJI was down -0.07%, S&P500 was up +0.3% and the Nasdaq was higher too +0.6%. Australian shares are expected to flat at the open today, with investors mulling over the results of the latest US PCE inflation data, looking for clues as to when rates may start to come down.
Gold prices stretched higher as the dollar eased following the release of the US inflation data landed with no surprises and markets analyse US Fed officials and their latest comments for suggestions of a rate cut.
Copper prices rose slightly in response the US-dollar. Dalian Iron ore prices added remained steady as traders await further updates from China central authorities as to its next economic stimulus.
Brent Crude prices eased further, as the latest US inflation release dampens enthusiasm for crude demand outlook.
| AUDUSD
Open today 0.6497 Yesterday’s Range 0.6487 / 0.6531 |
NZDUSD
Open today 0.6087 Yesterday’s Range 0.6077 / 0.6112 |
AUDNZD
Yesterday’s Range 1.0646 / 1.0695 |
| AUDEUR
Yesterday’s Range 0.5989 / 0.6022 |
AUDCNH
Yesterday’s Range 4.6780 / 4.7050 |
AUDGBP
Yesterday’s Range 0.5128 / 0.5152 |
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