Marketwatch APAC

Daily Insights
March 21, 2024

Market Watch APAC – 22nd March 2024

The AUDUSD drove its way through the low 0.66-cent levels in Asia yesterday, touching in the 0.6630’s, after a standout Employment report from down under, before retreating in New York trading, as the US-dollar strengthened with US Treasury yield gains. The US-dollar gains come on the back of upbeat economic data releases and dovish central bank decisions. The SNB surprised with a 25 bp cut, while the BoE left their policy rate on hold and says inflation is ‘moving in the right direction’ for rate cuts to come. USDCNH rallies to a one-month high, also adding weight to the antipodeans. The AUDUSD will remain volatile as the market digests this week’s activities and releases , while looking to consolidate between support at 0.6500/10 and the resistance points around 0.6635/50’s.

Wall Street indices all posted gains for the day and struck record highs, as the Fed Reserve reassured investors that there will be rate cuts in the US this year. Upbeat forecasts for Micron Technology helped underpin the Nasdaq. The DJI was up +0.7%, S&P500 gained +0.3% and the Nasdaq up +0.2%. Australian shares are expected follow the Wall Street lead and add to gains for the week, global equities enjoy the prospect of central bank policy interest rate cuts this year.

Gold prices retreated with traders taking short term profits, all the while as the US-dollar and US Treasuries gained, even as the US Fed is re-assuring investors that there will be interest rate cuts this year.

Copper prices gained on the LME, but Aluminium was the standout for base metals, as traders see improvements in expectations for China demand. Dalian Iron ore prices continue to ride the gains as conditions in China appear to be showing signs of further monetary policy easing and better prospects for local steel producers.

Brent Crude prices eased further, pressured by softer US gasoline data and suggestion of a United Nations draft resolution that calls for a ceasefire in the Middle East.



Open today 0.6570

Yesterday’s Range 0.6561 / 0.6635


Open today  0.6044

Yesterday’s Range 0.6038 / 0.6107


Yesterday’s Range 1.0827 / 1.0878


Yesterday’s Range 0.6024 / 0.6069


Yesterday’s Range 4.7385 / 4.7843


Yesterday’s Range 0.5147 / 0.5193


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Economic Calendar

GBP - GfK Consumer Confidence
AUD - RBA Financial Stability Review
EUR - German Import Prices m/m
CNY - Foreign Direct Investment ytd/y
GBP - Retail Sales m/m
EUR - German ifo Business Climate
EUR - German Buba President Nagel Speaks
EUR - Euro Summit
GBP - CBI Industrial Order Expectations
CAD - Core Retail Sales m/m
CAD - Retail Sales m/m
USD - Fed Chair Powell Speaks
EUR - Belgian NBB Business Climate
USD - FOMC Member Barr Speaks
USD - FOMC Member Bostic Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66344 0.65609
nzd/usd 0.61066 0.60382
aud/nzd 1.08774 1.08252
usd/jpy 151.753 150.263
usd/cad 1.35415 1.34557
eur/usd 1.09424 1.08552
gbp/usd 1.28032 1.26504
aud/eur 1.6588 1.64769
aud/jpy 100.168 99.274
Equities and Commodities
S&P 500 5253.61
DOW 39892.3
Nasdaq 100 18359.6
ASX200 7776.24
GOLD 2182.25
WTI 81.01

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.