Marketwatch APAC

Daily Insights
April 28, 2024

Market Watch APAC – 29th April 2024


The AUDUSD continued its climb higher against the US-dollar, as New York session got underway, but slid back from the 0.6550’s as US Treasury yields gained and US-dollar rallied. A late push higher for Gold and equites rallying stalled the AUDUSD slide and buyers emerged for the pair once again. Equity markets in Asia are likely to take favour from Wall Street moves and give risk currencies a platform to post gains in the session today. A few economic releases from the US this week will have analysts attention. Also of note has been the persistent decline of the JPY against the US-dollar which has seen the USDJPY pair reach a 34-year high, where markets have been expecting MoF intervention to support the JPY, but it has yet to show its hand. For the AUDUSD today the technical lean bullish with RSI’s lifting and short term moving averages suggesting support. Sitting behind the current trading levels, the 0.6450/75 zone should offer a fair bit of support this week and a break of 0.6560’s should draw further interest to 0.6615/20 zone, while the notion that Australian interest rates will remain higher for longer than other countries is supportive for the AUD.

Wall Street stocks ended higher for the day, after positive company earnings releases from tech heavyweights, Alphabet and Microsoft, in addition to moderate inflation data for the US. The DJI gained +0.4%, S&P500 gained +1% and the Nasdaq up +2%. Australian shares are expected to open higher following the Wall Street move and supportive gains from commodity prices pushing mining and energy sectors higher.

Gold prices remained firm for the day, though still carrying weekly losses for the lustre metal as data showed US inflation rose in line with expectations and Middle East tensions appear to have subsided somewhat, relaxing the demand for safe haven assets.

Copper prices held firm for the day and tipped a 2-year high at $10,033.50 before subsiding back under the $10k level. The Dalian Commodity exchange Iron Ore futures remained firm into the session close as hints of improving demand from China offset portside inventories

Brent Crude prices settled higher, as traders remain wary of Middle East disruptions, but strong US-dollar helped to cap notable gains.



Open today 0.6620

Yesterday’s Range 0.6516 / 0.6556


Open today  0.5944

Yesterday’s Range 0.5930 / 0.5969


Yesterday’s Range 1.0933 / 1.1004


Yesterday’s Range 0.6073 / 0.6116


Yesterday’s Range 4.7304 / 4.7613


Yesterday’s Range 0.5207 / 0.5239

Economic Calendar

EUR - German Prelim CPI m/m
EUR - Spanish Flash CPI y/y
EUR - Italian 10-y Bond Auction
GBP - BRC Shop Price Index y/y
JPY - Unemployment Rate
JPY - Prelim Industrial Production m/m
JPY - Retail Sales y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65542 0.65171
nzd/usd 0.59697 0.59288
aud/nzd 1.09985 1.09387
usd/jpy 158.433 154.954
usd/cad 1.36956 1.3631
eur/usd 1.07528 1.06738
gbp/usd 1.2541 1.24488
aud/eur 1.64519 1.63486
aud/jpy 103.469 101.403
Equities and Commodities
S&P 500 5102.73
DOW 38270.4
Nasdaq 100 17722
ASX200 7599.79
GOLD 2337.26
WTI 83.73

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.