Marketwatch APAC

Daily Insights
February 11, 2024

Market Watch AU – 12th February 2024


The AUDUSD pair has held its ground going in to the weekend after trading positive in Friday’s sessions, assisted by the RBA’s hawkish stance and RBA Michele Bullock’s comments that the central bank could still hike rates to lower inflation. Traders have been adjusting their policy prospects for the Fed and the RBA, as both are now likely to delay rate cuts.  For markets this week the US will release their latest monthly inflation data, which is expected to be around +0.2% for January, down from 0.3% in December, while closer to home, we get a look at the Employment data and Retail Sales, where another decline in employment numbers might raise expectations of an RBA rate cut. From a technical perspective the Aussie remains in a bearish trend, however, the decline has paused and traders will await further data for to measure the extent of the moves. The AUDUSD should find initial support at 0.6470/80 zone, and resistance to continue at 0.6535/50 area on any strength. Of note is China Golden week, closing their markets for the week, along with a number of other Asia centres also on holidays, that is expected to dampen activity.

Wall Street stock indices saw the S&P500 close above 5,000 and the Nasdaq trade briefly over 16,000 as investors re-ignite their expectations on  Artificial Intelligence as well as another round of strong quarterly earnings releases from leading corporates. The DJI was down -0.1%, the S&P500 higher +0.6%, and the Nasdaq strided higher by +1.3% over the session.  Australian shares are set to open with a muted start to the week, awaiting further data releases from the US and locally for hints on next policy directions.

Gold prices were down -0.5% on Friday as US Treasury yields remined elevated, on the diminishing hopes for an early rate cut from the Fed, though the inflation data on Tuesday may offer some further insight.

Copper prices ended lower for the day as traders preferred to place bearish bets on the base metal to close out the week. Singapore Iron ore futures traded firmer on Friday as seabourne prices recovered, but still remain cautious on rising portside inventories and shaky expectations from China authorities to support their economy.

Brent Crude prices added another +0.7% for the day and up around 6% for the week, as concerns for supply remain prevalent due to the ongoing conflict in the Middle East.



Open today 0.6523

Yesterday’s Range 0.6488 / 0.6534


Open today  0.6139

Yesterday’s Range 0.6091 / 0.6158


Yesterday’s Range 1.0586 / 1.0659


Yesterday’s Range 0.6021 / 0.6054


Yesterday’s Range 4.6813 / 4.7147


Yesterday’s Range 0.5142 / 0.5172


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Economic Calendar

JPY - Bank Holiday
NZD - RBNZ Gov Orr Speaks
CNY - Bank Holiday
USD - FOMC Member Bowman Speaks
USD - FOMC Member Barkin Speaks
GBP - BOE Gov Bailey Speaks
USD - Federal Budget Balance
AUD - Westpac Consumer Sentiment
JPY - PPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.6534 0.64872
nzd/usd 0.61585 0.61064
aud/nzd 1.06397 1.05858
usd/jpy 149.575 149.002
usd/cad 1.34814 1.34125
eur/usd 1.0795 1.07574
gbp/usd 1.26429 1.25991
aud/eur 1.66059 1.64991
aud/jpy 97.457 96.875
Equities and Commodities
S&P 500 5025.46
DOW 38638.3
Nasdaq 100 17960.8
ASX200 7658.79
GOLD 2024.41
WTI 76.61

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.