Marketwatch APAC

Daily Insights
February 21, 2024

Market Watch APAC – 22nd February 2024


The US-dollar softened after the minutes of the latest Fed meeting came in largely as expected and revealed that most of the board were concerned about cutting rates too soon. Traders have responded, pushing back their expectations for the first Fed cut to June. The AUDUSD has held similar ranges for the day as previous sessions. After the AUDUSD had cleared interest through the 0.6550’s previously it has then stalled at the resistance of 0.6580/95 zone and will be looking to clear there for a chance at further gains. This will rely on the fundamentals of Australian Interest rates remaining higher than the US rates for longer, the prospect of improving global trade and further stimulus to the Chinese economy. On the flip-side, any retreat will look for 0.65-cents and 0.6480 behind, where a failure to hold could allow for a retest of the 0.6435/45 support.

Wall Street and global stocks retreated after the Fed Minutes from the latest policy meeting reaffirmed expectations that the central bank will hold rates higher for longer. The DJI was down -0.3%, S&P500 down -0.3% and the Nasdaq fell -0.8%. Australian shares are set to open lower today, as investors follow Wall Street moves and weighed down by the mining sector.

Gold pries scraped higher as the US-dollar eased following the release of the US Fed Minutes and the Middle East conflict continued to attract safe-haven demand.

Copper prices edged up on a retreating US-dollar and a lift in global optimism. Aluminium has been garnishing attention with expectations that US Pres Biden will impose major sanctions on Russia metals, in response to the death of the opposition leader Alexey Navalny. The Dalian Iron ore contract traded further lower as traders remained concerned over demand for steel in the top consumer China and steel mill margins weighing on output.

Brent Crude prices climbed near 1% higher, as concerns about supply tightness due to the Middle East conflicts.



Open today 0.6551

Yesterday’s Range 0.6533 / 0.6573


Open today  0.6180

Yesterday’s Range 0.6161 / 0.6198


Yesterday’s Range 1.0595 / 1.0630


Yesterday’s Range 0.6048 / 0.6077


Yesterday’s Range 4.7055 / 4.7243


Yesterday’s Range 0.5181 / 0.5202


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Economic Calendar

JPY - Flash Manufacturing PMI
NZD - Credit Card Spending y/y
GBP - MPC Member Greene Speaks
CNY - Foreign Direct Investment ytd/y
EUR - French Flash Manufacturing PMI
EUR - French Flash Services PMI
EUR - German Flash Manufacturing PMI
EUR - German Flash Services PMI
EUR - Flash Manufacturing PMI
EUR - Flash Services PMI
GBP - Flash Manufacturing PMI
GBP - Flash Services PMI
EUR - Final Core CPI y/y
EUR - Final CPI y/y
EUR - ECOFIN Meetings
EUR - ECB Monetary Policy Meeting Accounts
CAD - Core Retail Sales m/m
CAD - Retail Sales m/m
USD - Unemployment Claims
CNY - CB Leading Index m/m
EUR - Belgian NBB Business Climate
USD - Flash Manufacturing PMI
USD - Flash Services PMI
USD - Existing Home Sales
USD - FOMC Member Jefferson Speaks
USD - Natural Gas Storage
USD - Crude Oil Inventories
NZD - Retail Sales q/q
NZD - Core Retail Sales q/q
USD - FOMC Member Cook Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65732 0.65331
nzd/usd 0.61978 0.61619
aud/nzd 1.06273 1.05948
usd/jpy 150.391 149.849
usd/cad 1.3536 1.34938
eur/usd 1.08244 1.07898
gbp/usd 1.26417 1.26025
aud/eur 1.6532 1.64543
aud/jpy 98.591 98.249
Equities and Commodities
S&P 500 4981.66
DOW 38579.5
Nasdaq 100 17478
ASX200 7588.24
GOLD 2024.25
WTI 78.05

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.