Marketwatch APAC

Daily Insights
March 17, 2024

Market Watch APAC – 18th March 2024

The AUDUSD suffered a 1% set-back last week, as the US-dollar enjoys one of it’s best weeks in a couple of months. It has been testing the support around 0.6550/60 and a break there would open up a move back to 0.65-cents. Aussie traders will be positioning ahead of the key events of RBA meeting tomorrow and the Employment data on Thursday. Also out this week are the Central bank decisions from the US Fed , the Bank of Japan (BoJ), Bank of England (BoE) and Norges Bank that will be closely watched. The China retail sales today might be one to watch for day-traders with further concerns over the China economic performance said to be a drag on the Aussie. From a technical perspective the AUDUSD will be watching that support at support at 0.6550/60, and gains met with supply at the 0.6635/40 zone initially.

Wall Street saw US stock prices fall into the weekend, with the tech sector still leading the way, and the markets mulling over the interest outlook for the Fed ahead of this weeks two day meeting. The DJI was down -0.5%, S&P500 lost -0.7% and the Nasdaq down nearly -1.0%. Australian shares are expected to open lower today, as commodities, such as iron ore, weigh on the mining sector.

Gold prices logged a week decline as investors favoured the US central bank holding off on rate cuts any time soon.

Copper prices advanced nearly 2% on fund based buying, though some traders remained cautious over the demand prospects in China and expected them to remain lack lustre. Dalian Iron ore prices closed out the week with another negative day, as weak demand expectations in China, weigh on the market.

Brent Crude prices retreated from intraday highs over $85/bbl and weekly gains of over 3% as US refinery demand encourages investor outlook.



Open today 0.6567

Yesterday’s Range 0.6552 / 0.6582


Open today  0.6088

Yesterday’s Range 0.6081 / 0.6131


Yesterday’s Range 1.0734 / 1.0789


Yesterday’s Range 0.6019 / 0.6046


Yesterday’s Range 4.7207 / 4.7389


Yesterday’s Range 0.5143 / 0.5162


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Economic Calendar

GBP - Rightmove HPI m/m
CNY - Industrial Production y/y
CNY - Retail Sales y/y
CNY - Fixed Asset Investment ytd/y
CNY - NBS Press Conference
CNY - Unemployment Rate
EUR - Final Core CPI y/y
EUR - Final CPI y/y
EUR - Trade Balance
CAD - IPPI m/m
CAD - RMPI m/m
USD - NAHB Housing Market Index

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65794 0.6552
nzd/usd 0.61244 0.60808
aud/nzd 1.07878 1.07419
usd/jpy 149.162 148.029
usd/cad 1.35516 1.35098
eur/usd 1.08996 1.0873
gbp/usd 1.27585 1.27172
aud/eur 1.66101 1.65411
aud/jpy 97.969 97.265
Equities and Commodities
S&P 500 5127.82
DOW 38751.7
Nasdaq 100 17838
ASX200 7654.17
GOLD 2155.67
WTI 81.04

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.