Market Watch APAC – 22nd April 2024
The US-dollar opens mixed against its G10 peers this morning, with the AUDUSD over shadowed by deteriorating risk sentiment and geopolitical tensions in the Middle East rocking commodity markets. The price action sees some recovery back over the 0.64-cent level but will need commodity price gains and AUDJPY demand to extend the corrective rally. The 0.6450’s level on the Aussie has been an important pivot in the last few months and will again be closely monitored for direction. Day traders will prefer to sell in to the fade, as supply gains above that 0.6450 level.
Wall Street stocks were mixed for the day with S&P and the Nasdaq retreating while the Dow posted marginal gains. The DJI gained +0.6%, S&P500 down -0.9% and the Nasdaq slid -2%. Australian shares are expected to get a lift from rising commodity prices and improving signals for demand from China, though developments in the Middle East tensions will be closely monitored for signs of next moves.
Gold prices finished positive for the week, as safe haven interests for lustre metals remained elevated amid tensions in the Middle East.
Copper prices added to their gains for the week on the LME, as traders and funds extended their buying interests. The Dalian Commodity exchange Iron Ore futures subsided for the session but remained positive for the week overall following improved demand conditions from China.
Brent Crude prices settled slightly in the green for the session, up just 0.2%, as newswire commentary played down the developments in tensions in Middle East.
| AUDUSD
Open today 0.6414 Yesterday’s Range 0.6363 / 0.6433 |
NZDUSD
Open today 0.5894 Yesterday’s Range 0.5853 / 0.5907 |
AUDNZD
Yesterday’s Range 1.0856 / 1.0905 |
| AUDEUR
Yesterday’s Range 0.5995 / 0.6037 |
AUDCNH
Yesterday’s Range 4.6183 / 4.6619 |
AUDGBP
Yesterday’s Range 0.5133 / 0.5192 |
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