Marketwatch APAC

Daily Insights
January 28, 2024

Market Watch AU – 29th January 2024


Markets, this week, will be dominated by the US Fed meeting and Jerome Powell’s pressor that follows, for whether the Federal Reserve will add any guidance as to whether they will start cutting rates soon. Robust GDP releases and low inflation have managed to provide further evidence that the US economy is headed for a soft landing. Asia trading will be directed by China and its latest PMI data, which is expected to remain contractionary though marginally higher for December at 49.3. Beijing is expected to continue to support its economy, the latest move by the Securities regulator suspending restricted share lending from today. The AUDUSD has struggled to maintain gains into the close for the week and leaves the door open for more pull back should negative sentiment prevail. So the pair opens today on a cautious footing from macro factors while local data releases this week will include Retail Sales on Tuesday and Dec and Q4 CPI on Wednesday offering collective information for the RBA and its expectations. Initial support at 0.6550/55 on any pullback, with rallies to find resistance and supply through 0.6610/20 once again.

Wall Street saw the S&P500 ease as Intel offered a lower revenue forecast than was expected. The DJI was just ahead at +0.1% over the session, while the S&P500 lost -0.07%, and the Nasdaq was down -0.4% for the day.  Australian shares are set to open firm today while the focus remains on the US Fed meeting later this week and hints for possible policy changes in the months ahead.

Gold prices traded steady on Friday as investors turned their attention to the US Fed meeting later this week where it is hoped that the Committee would shed light on the interest rate outlook.

Copper prices eased for the day on Friday as traders took profits all the while they considered whether the latest measures by Beijing were going to be enough to support their economy. LME prices eased -0.3% into the close. Dalian Iron ore futures eased, though were holding some weekly gains, as traders maintained some confidence that the optimism for China policy will be sufficient to support its ailing economy.

Brent Crude prices held on to gains, underpinned by positive US economic growth and China stimulus measures for their economy, all the while geopolitical tensions in Europe and the Middle East adding to the softer supply outlook.



Open today 0.6585

Yesterday’s Range 0.6567 / 0.6609


Open today  0.6102

Yesterday’s Range 0.6089 / 0.6121


Yesterday’s Range 1.0768 / 1.0808


Yesterday’s Range 0.6054 / 0.6086


Yesterday’s Range 4.7216 / 4.7471


Yesterday’s Range 0.5174 / 0.5193


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Economic Calendar

CNY - CB Leading Index m/m
USD - Loan Officer Survey
JPY - Unemployment Rate

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66095 0.6569
nzd/usd 0.61206 0.60883
aud/nzd 1.08036 1.07748
usd/jpy 148.208 147.393
usd/cad 1.34829 1.34141
eur/usd 1.08856 1.08128
gbp/usd 1.27583 1.26755
aud/eur 1.65142 1.64311
aud/jpy 97.658 97.126
Equities and Commodities
S&P 500 4890.31
DOW 38108.6
Nasdaq 100 17397.4
ASX200 7605.73
GOLD 2018.07
WTI 78.01

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.