Marketwatch APAC

Daily Insights
February 25, 2024

Market Watch APAC – 26th February 2024


The AUDUSD has started the week in positive fashion after closing out Friday with a marginal gain. This scenario is supported by the overall risk rally, as equity markets continuing to strike new highs and with carry trade demand emerging. US Treasury yields have begun to ease as markets and analysts revise their expectations of when the first US rate cut will come as US Fed officials commentary, adds warning to any optimistic tone. So the AUDUSD pair continues to find resistance in the 0.6575/80 area and notes the 0.6600/05 zone behind, while to the downside, any retreat will look for 0.65-cents and 0.6480 behind, where a failure to hold could allow for a retest of the 0.6435/45 support. Markets will be looking ahead to the Australian January CPI report due out on Wednesday this week, which is expected to see inflation on the hotter side as upward pressures from house rents, petrol prices and utility bills are all still lingering. Over in New Zealand,  they are looking to announce their cash rate at the latest meeting on Wednesday, which is expected to be no change. Continuing US Fed commentary along with a number of economic releases, will also have traders on their toes for any hints to the dot plot for Fed rates.

Wall Street stocks rallied to new highs, with all three benchmarks pegging weekly gains and the S&P500 and DJI making record highs. The DJI was up +0.2%, S&P500 up +0.03% and the Nasdaq gained +0.3%. Australian shares are expected to open higher today, taking the lead from global equity bourse performances, but remain cautious for the local inflation data, due out on Wednesday.

Gold prices managed to eke out weekly gains aided by a softer US-dollar and ongoing tensions in the Middle East providing safe haven demand.

Copper prices eased slightly on Friday, while Nickel prices gained on further sanctions applied to Russia supply. Dalian Iron ore prices set a weekly decline amid continuing concerns over China demand, though there was some buoyancy on Friday after a train accident in Brazil sparked concerns for a supply disruption.

Brent Crude prices dropped 3% on Friday as expectations for a Fed rate cut were pushed out by a couple of months.



Open today 0.6562

Yesterday’s Range 0.6550 / 0.6580


Open today  0.6199

Yesterday’s Range 0.6181 / 0.6211


Yesterday’s Range 1.0575 / 1.0606


Yesterday’s Range 0.6055 / 0.6075


Yesterday’s Range 4.7181 / 4.7422


Yesterday’s Range 0.5173 / 0.5192


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Economic Calendar

GBP - MPC Member Breeden Speaks
GBP - CBI Realized Sales
GBP - MPC Member Pill Speaks
USD - New Home Sales
EUR - ECB President Lagarde Speaks
JPY - National Core CPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65803 0.65495
nzd/usd 0.62111 0.61805
aud/nzd 1.06057 1.05783
usd/jpy 150.769 150.293
usd/cad 1.35174 1.34614
eur/usd 1.08395 1.08117
gbp/usd 1.27012 1.26479
aud/eur 1.65132 1.64592
aud/jpy 99.055 98.578
Equities and Commodities
S&P 500 5087.27
DOW 39113.3
Nasdaq 100 17923.7
ASX200 7654.91
GOLD 2035.33
WTI 76.56

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.