Marketwatch APAC

Daily Insights
February 18, 2024

Market Watch APAC – 19th February 2024


The PBoC left 500bln yuan worth of its Medium term facility (MLF) loans unchanged at 2.5%, as expected, on Sunday, stating uncertainties around the timing of an easing by the US Fed, as limiting the room to maneuver on monetary policy. The Australian dollar is extremely choppy at the moment and is being heavily influenced by external factors including that of the China economy performance, which has been slipping of late. Over in the US the PPI release saw a rise of +0.3% for the month after a revised decline by -0.1% previously, throwing some temporary favour to the US-dollar. The AUDUSD pair remains a risk on/risk off barometer and will be driven in the short term by the US-dollar moves, but its possible for further gains to squeeze it higher. The AUDUSD close above 0.65-cents on Friday allows for further gains into the resistance at 0.6550’s. Any retreat will  look for 0.6480 where a failure to hold could allow for a retest of the 0.6435/45 support. China markets return today from their Lunar New Year holidays.

Wall Street stocks eased on Friday with the Nasdaq recording the deepest decline after US PPI figures eroded hopes for any near-term cuts to interest rates by the US Fed. The DJI was down by -0.4%, the S&P500 gave back its previous session gains, losing -0.5 %, and the Nasdaq lost -0.8% over the session.  Australian shares are set to open flat today, after gains on Friday that were supported by financial sector and commodity stocks.

Gold prices reversed some earlier gains, holding on to +0.4% gain for the day, although an overall retreat for the week.

Copper prices posted gains for the day and recorded it best weekly gains in nearly a year, boosted by expectations for further stimulus support from China to help their economy. The LME was up 2.1% at session close. The Dalian commodities exchange opens again today as China returns from their Lunar New Year Holidays.

Brent Crude prices travelled higher into the weekend, amid tensions continuing in the Middle East. Brent Crude settled at $83.47/bbl on Friday.



Open today 0.6533

Yesterday’s Range 0.6497 / 0.6545


Open today  0.6127

Yesterday’s Range 0.6087 / 0.6135


Yesterday’s Range 1.0650 / 1.0703


Yesterday’s Range 0.6046 / 0.6069


Yesterday’s Range 4.6824 / 4.7197


Yesterday’s Range 0.5172 / 0.5190


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Economic Calendar

GBP - Rightmove HPI m/m
CNY - Foreign Direct Investment ytd/y
EUR - German Buba Monthly Report
CAD - Bank Holiday
USD - Bank Holiday
CAD - IPPI m/m
CAD - RMPI m/m

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65445 0.64962
nzd/usd 0.61356 0.60858
aud/nzd 1.07029 1.06546
usd/jpy 150.643 149.923
usd/cad 1.35076 1.34647
eur/usd 1.07319 21
gbp/usd 1.26242 1.25506
aud/eur 1.65382 1.64562
aud/jpy 98.256 97.698
Equities and Commodities
S&P 500 4999.33
DOW 38564.1
Nasdaq 100 17660.6
ASX200 7672.04
GOLD 2013.22
WTI 78.23

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.