Marketwatch APAC

Daily Insights
March 10, 2024

Market Watch APAC – 11th March 2024

On Friday night, the US Non-farm Payrolls data has come in under expectations and pushed the US-dollar lower against most of the majors. US Non-farm Payrolls came in at 275k for February and unemployment unexpectedly rose to 3.9%. The US dollar was heavy against the G10 majors and the Canadian Dollar touched a one month high briefly, after the release of their jobs numbers. Aussie and Kiwi have been rewarded against the softer US-dollar, opening near 1% higher today. The AUDUSD will be looking to the local economy now, to ascertain whether the renewed momentum can be sustained, as it is so highly sensitive to growth and global trade conditions. China CPI released over the weekend came in better than expectations and this might help to deflect deflationary concerns, in turn offering some support to the Aussie Dollar. From a technical perspective , support for AUDUSD should now emerge at 0.6545/50, previous resistance, and further gains will be met with supply at the 0.6665/70 zone for the short-term.

Wall Street stocks eased back on profit taking after an earlier daily rally as investor expectations turned to a mid-year easing from the US Fed following a mixed labour report release. The DJI was down -0.2%, S&P500 shed -0.7% and the Nasdaq was down -1.2%. Australian shares are expected to open lower today, weighed down by underlying commodity prices that drive the mining and energy sectors.

Gold prices pushed higher on Friday, as investors sway their expectations that there will be a US rate cut by June following a rise in the US unemployment rate for February.

Copper prices softened for the day as traders took near-term profits from recent gains. Dalian Iron ore prices dropped over 1% to finish the week, as steel production eases and port-side inventories remain high.

Brent Crude prices fell 1.1%, as traders remain cautious over a softer China demand outlook, even in the wake of extended supply cuts out of the OPEC+ group.



Open today 0.6628

Yesterday’s Range 0.6613 / 0.6667


Open today  0.6186

Yesterday’s Range 0.6162 / 0.6216


Yesterday’s Range 1.0712 / 1.0747


Yesterday’s Range 0.6041 / 0.6082


Yesterday’s Range 4.7621 / 4.7924


Yesterday’s Range 0.5147 / 0.5183


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Economic Calendar

JPY - Prelim Machine Tool Orders y/y
CHF - SECO Consumer Climate
CNY - New Loans
CNY - M2 Money Supply y/y
EUR - Eurogroup Meetings
GBP - MPC Member Mann Speaks
AUD - RBA Assist Gov Hunter Speaks
JPY - BSI Manufacturing Index
JPY - PPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66675 0.66119
nzd/usd 0.62167 0.61609
aud/nzd 1.07467 1.0712
usd/jpy 148.119 146.479
usd/cad 1.34978 1.34198
eur/usd 1.09811 1.09173
gbp/usd 1.28936 1.2801
aud/eur 1.6553 1.64418
aud/jpy 98.15 97.173
Equities and Commodities
S&P 500
Nasdaq 100

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.