Marketwatch APAC

Daily Insights
April 3, 2024

Market Watch APAC – 4th April 2024

The AUDUSD drives higher after a surprise US March ISM report and holds gains from the session. The US-dollar and US Treasury yields responded lower to the US ISM Non-manufacturing miss, and remarks from both Fed Chairman Powell and FOMC voter Bostic only added to the bearish tilt, as they re-iterated it will be likely and appropriate to start cutting rates “at some point this year”. The AUDUSD has followed risk assets and commodities higher in the latter part of the overnight sessions and find itself butting up against resistance at nearby 0.6570’s which will test the momentum of the ‘relief rally’. Australian data releases today will include the Building Approvals for Feb (exp 3.0%) and Judo Bank PMI’s, while macro influences from US Weekly Claims and further US Fed Speakers will be noted for further risks. The AUDUSD will be looking to the performance of gold and iron ore and further stimulus response from China authorities to underpin the momentum through to 0.6590’s, otherwise look to see the pair decline back to the 0.6480’s.

Wall Street stock indices ended the day in mixed fashion, as the US data for ISM eased further in March, suggesting inflation is slowing, but not sufficient to consider the US Fed will be able to cut rates too soon. The DJI was lower -0.1%, S&P500 gained +0.1% and the Nasdaq finished higher by +0.2%. Australian shares are expected open higher today, after the softer US services data and Fed official comments that still table rate cuts sometime later this year .

Gold prices rallied 0.5% after Fed Chair Powell’s comments that there is no material change to the ‘picture’ of economic policy this year. Bullion prices hit $2,294.99 during the offshore session.

Copper prices edged higher on the LME in part due to the softening US-dollar. Dalian Iron ore prices advanced for the day as discussions for stimulus to the China economy provide optimism for the base metal demand. The exchange will be closed for the next two days due to the Tomb Sweeping holiday in China.

Brent Crude prices finished the day higher as traders considered supply disruptions from a worsening geopolitical landscape, however a surprise lift in US Crude inventories moderated some of the impact.



Open today 0.6565

Yesterday’s Range 0.6504 / 0.6570


Open today  0.6009

Yesterday’s Range 0.5953 / 0.6011


Yesterday’s Range 1.0903 / 1.0940


Yesterday’s Range 0.6035 / 0.6064


Yesterday’s Range 4.7213 / 4.7633


Yesterday’s Range 0.5173 / 0.5194


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Economic Calendar

NZD - ANZ Commodity Prices m/m
CNY - Bank Holiday
AUD - Building Approvals m/m
JPY - 30-y Bond Auction
CHF - CPI m/m
EUR - Spanish Services PMI
EUR - Italian Services PMI
EUR - French Final Services PMI
EUR - German Final Services PMI
EUR - Final Services PMI
GBP - Final Services PMI
EUR - PPI m/m
EUR - Spanish 10-y Bond Auction
EUR - French 10-y Bond Auction
GBP - 10-y Bond Auction
EUR - ECB Monetary Policy Meeting Accounts
USD - Challenger Job Cuts y/y
CAD - Trade Balance
USD - Unemployment Claims
USD - Trade Balance
USD - Natural Gas Storage
USD - FOMC Member Barkin Speaks
USD - FOMC Member Mester Speaks
JPY - Household Spending y/y
USD - FOMC Member Kugler Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65696 0.6503
nzd/usd 0.6011 0.59523
aud/nzd 1.09371 1.09024
usd/jpy 151.952 151.441
usd/cad 1.35888 1.35114
eur/usd 1.08367 1.07638
gbp/usd 1.26558 1.25624
aud/eur 1.65634 1.64593
aud/jpy 99.646 98.582
Equities and Commodities
S&P 500 5224.24
DOW 39206.2
Nasdaq 100 18205.5
ASX200 7820.41
GOLD 2298.8
WTI 85.65

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.