Marketwatch APAC

Daily Insights
March 3, 2024

Market Watch APAC – 4th March 2024

The AUDUSD has welcomed a steady start to the week after pinching small gains on Friday with a moderating US-dollar. Last minute gains on Wall Street stocks and buying of AUDJPY have been able to underpin the AUDUSD move. This week will be a data filled one, closely watch for shaping central bank policy. Australia looks forward to Q4 GDP, Building Approvals, Current Account and January Trade numbers while the US gets Non-farm Payrolls as well as other key data and Powell’s Congressional Testimony and China entertains its National People’s Congress.  US non-farm payrolls are tipped to soften to 200k from 353k. Though AUD asset managers have been positioning for a move lower, softer US Treasury yields are tempting the AUDUSD higher with rallies being met with supply into 0.6545/55 area. A retracement lower will look for the support at the 0.6470/80 zone.

Wall Street stocks added further gains at record highs as the tech sector lifted the Nasdaq in particular. The DJI was up +.2%, S&P500 was up +0.8% and the Nasdaq was higher too +1.1%. Australian shares are expected to bed mixed at the open today, with investors cautious over iron ore prices and monitoring the pulse of China’s economic data.

Gold prices added further to weekly gains and climbed another 2.1%, as investors postulate US rate cuts by June.

Copper prices rose slightly in response the US-dollar, but had earlier traded heavy on shrinking factory activity in China. Dalian Iron ore prices drifted lower for a second week, as concerns that China central authorities are not likely to extend enough economic stimulus continue and another round of weak factory data hits the wires.

Brent Crude prices rose as traders position ahead of the OPEC+ meeting, where supply agreements will be headlined for Q2.



Open today 0.6526

Yesterday’s Range 0.6490 / 0.6534


Open today  0.6104

Yesterday’s Range 0.6077 / 0.6112


Yesterday’s Range 1.0665 / 1.0700


Yesterday’s Range 0.6004 / 0.6031


Yesterday’s Range 4.6811 / 4.7111


Yesterday’s Range 0.5138 / 0.5165


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Economic Calendar

AUD - MI Inflation Gauge m/m
AUD - ANZ Job Advertisements m/m
AUD - Building Approvals m/m
AUD - Company Operating Profits q/q
CHF - CPI m/m
EUR - French Gov Budget Balance
EUR - Spanish Unemployment Change
EUR - Sentix Investor Confidence
JPY - Tokyo Core CPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65338 0.64893
nzd/usd 0.61119 0.60786
aud/nzd 1.06987 1.06672
usd/jpy 150.714 149.894
usd/cad 1.36015 1.35448
eur/usd 1.08431 1.0798
gbp/usd 1.26639 1.25994
aud/eur 1.66555 1.6576
aud/jpy 98.082 97.546
Equities and Commodities
S&P 500 5132.74
DOW 39043.5
Nasdaq 100 18289.7
ASX200 7756.11
GOLD 2082.15
WTI 79.89

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.