Marketwatch APAC

Daily Insights
March 14, 2024

Market Watch APAC – 15th March 2024


Overnight the US dollar gained against the majors, after the US PPI and Weekly Jobless data drop came in better than expected, with the PPI printing a 0.6% rise for February. This has seen investors pare back their expectations for rate cuts from the Fed and pushed US 10yr Treasury yields up 10pts. The US Retail Sales were slightly disappointing, but it is the inflation data that has claimed the limelight. Ahead of the FOMC meeting next week, markets have ruled out a rate cut and trimmed their expectations of a quarter percent cut in June, back to 64% chance. The AUDUSD reaction has seen the pair slide back to the lower end of the week’s range but still holding in the familiar territory, with market players wrestling with a lot of indecision. The is not much on the economic slate today for Aussie traders, so positioning and attention shifts to next week, awaiting the key events of RBA meeting and the Employment data. From a technical perspective the AUDUSD has turned back to neutral, with support continuing at 0.6545/55, and gains met with supply at the 0.6665/70 zone to round out the week.

Wall Street stock prices dropped, with the tech sector leading the way, after the latest inflation piece lowered investor expectations for a US rate cut any time soon. The DJI was down -0.3%, S&P500 lost -0.3% and the Nasdaq similarly down -0.3%. Australian shares are expected to open lower today, as commodities such as iron ore and copper lose ground, weighing on the mining sector.

Gold prices eased lower as the US-dollar gained , after the latest round of US inflaton data and weekly jobs reports favoured the US central bank holding off on rate cuts any time soon.

Copper prices slid lower as traders reconsidered the demand prospects in China and expected them to remain lack lustre. Dalian Iron ore prices continue their slide, as weak demand expectations in China, weigh on the market.

Brent Crude prices pushed higher , up 1.7% for the session, after the International Energy Agency forecast a tighter supply environment for 2024.



Open today 0.6581

Yesterday’s Range 0.6570 / 0.6632


Open today  0.6131

Yesterday’s Range 0.6122 / 0.6175


Yesterday’s Range 1.0728 / 1.0760


Yesterday’s Range 0.6036 / 0.6057


Yesterday’s Range 4.7322 / 4.7707


Yesterday’s Range 0.5158 / 0.5179


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Economic Calendar

CNY - New Home Prices m/m
JPY - Tertiary Industry Activity m/m
EUR - French Final CPI m/m
GBP - Consumer Inflation Expectations
EUR - Italian Retail Sales m/m
CNY - New Loans
CNY - M2 Money Supply y/y
EUR - Italian Trade Balance
CAD - Housing Starts
CAD - Foreign Securities Purchases
CAD - Wholesale Sales m/m
USD - Empire State Manufacturing Index
USD - Import Prices m/m
USD - Industrial Production m/m
USD - Capacity Utilization Rate
USD - Prelim UoM Consumer Sentiment
USD - Prelim UoM Inflation Expectations

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66318 0.65587
nzd/usd 0.61749 0.61216
aud/nzd 1.07533 1.07072
usd/jpy 148.356 147.426
usd/cad 1.3541 1.34593
eur/usd 1.09546 1.08734
gbp/usd 1.28227 1.27305
aud/eur 1.65679 1.65062
aud/jpy 97.938 97.288
Equities and Commodities
S&P 500 5152.32
DOW 38870.9
Nasdaq 100 18012.1
ASX200 7658.75
GOLD 2161.66
WTI 81.09

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.