Marketwatch APAC

Daily Insights
April 7, 2024

Market Watch APAC – 8th April 2024


The AUDUSD dropped after the US Payrolls data, which came in far stronger than expected, but managed to claim back most of the decline before New York close. It opens in Asia at 0.6568 today as the chances of a US rate cut in June decline to around 57%. Markets will be tuned to the US CPI, FOMC March meeting minutes and the ECB Rate decision later this week, that may offer further weakness to the US-dollar and add gains to the trading majors, including the Aussie. A number of Asian Central Bank meetings this week are all expected to announce their interest rates on hold. Second tier Australian data for Home Loans and Foreign Reserves will be unlikely to move the AUDUSD today. The levels to watch will be resistance at 0.6630/35 and support from buyers interest on dips to 0.6550/60 zone, once again.

Wall Street stock indices ended the day higher, as the US Jobs report reinforced the notion of a strong economy and even as it suggests the Fed could delay its interest rate cuts. The DJI was up +0.8%, S&P500 rallied +1.1% and the Nasdaq gained  by +1.2%. Australian shares are expected to follow suit and open higher today, after US jobs report suggested a resistant economy.

Gold bullion prices gained 1.5% on Friday, tipping fresh record highs, as Central Bank and speculators continue to add to their intertest in this market.

Copper prices slipped from 14 month highs made in the previous session, as the US-dollar gained with the potential of the Fed delaying interest rate cuts later this year. The Dalian exchange was  closed for the day, due to the Tomb Sweeping holiday in China.

Brent Crude prices traded the day higher, as traders ponder supply disruptions from a worsening geopolitical landscape around Israel and Iran. Brent settled over $91/bbl.



Open today 0.6568

Yesterday’s Range 0.6548 / 0.6592


Open today  0.6008

Yesterday’s Range 0.5986 / 0.6031


Yesterday’s Range 1.0920 / 1.0959


Yesterday’s Range 0.6062 / 0.6090


Yesterday’s Range 4.7491 / 4.7776


Yesterday’s Range 0.5199 / 0.5222


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Economic Calendar

JPY - Economy Watchers Sentiment
CHF - Unemployment Rate
EUR - German Industrial Production m/m
EUR - German Trade Balance
EUR - Sentix Investor Confidence
CHF - SNB Chairman Jordan Speaks
GBP - MPC Member Breeden Speaks
NZD - NZIER Business Confidence
GBP - BRC Retail Sales Monitor y/y

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