Market Watch APAC – 15th April 2024
The AUDUSD has retreated as the US-dollar gains on safe haven flows amid heightened Middle East tensions after Iran launches an unprecedented attack on Israel with hundreds of suicide drones. The EUR, GBP and JPY have also slipped against the US-dollar, as trading gets under way in Asia today. Markets are expected to be on edge for fear of retaliation from Israel and escalate geopolitical risks in the region. Looking ahead this week for local releases, will have traders awaiting the Aust March Employment data, where a strong labour force has been an influencing factor in the RBA’s policy outlook. With AUDUSD technical’s bearish from the open, expect the pair to trade heavy through 0.6455/60 supports and see day traders selling in to any strength. US March Retail Sales, due out tonight, may be closely watched as a key indicator for traders short term.
Wall Street stocks sold heavily on Friday as geopolitical tensions rise in the Middle East and investors wary of persistent US inflation that could bring about a diverging policy outcome, between Europe and the US. The DJI lost -1.2%, S&P500 down -1.5% and the Nasdaq slid -1.6%. Australian shares are expected to open lower today as investors look to safer haven assets following heightened geopolitical tensions in the Middle East.
Gold prices kicked higher on safe haven flows, looking for protection from the growing tension in the Middle East.
Copper prices struck their highest since the middle of 2022 as investors saw rising expectations for demand growth. The Dalian Commodity exchange saw Iron ore prices gain further, spirited on by hopes that China will return to a better demand outlook.
Brent Crude prices hit a 6-month high on Friday and are expected to gain again today, following the Iranian attack on Israel over the weekend.
| AUDUSD
Open today 0.6475 Yesterday’s Range 0.6456 / 0.6543 |
NZDUSD
Open today 0.5946 Yesterday’s Range 0.5934 / 0.6010 |
AUDNZD
Yesterday’s Range 1.0877 / 1.0908 |
| AUDEUR
Yesterday’s Range 0.6066 / 0.6106 |
AUDCNH
Yesterday’s Range 4.6924 / 4.7471 |
AUDGBP
Yesterday’s Range 0.5187 / 0.5211 |
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