Marketwatch APAC

Daily Insights
February 28, 2024

Market Watch APAC – 29th February 2024


The release of the US GDP Q4 numbers has brought about a slide in US Treasuries, reflecting market expectations on interest rates while investors now await the key inflation data that will further provide insight into when the Fed would look to start cutting rates. USD Q4 GDP increase 3.2% per annum surprising economists who had expected growth to be unrevised. The US-dollar gained, despite softer treasury yields, as investors positioned for inflation data tomorrow, while AUDUSD eased on the back of the local CPI read, that remains at a two year low and unchanged at 3.6% yoy. The NZD also fell following the RBNZ’s decision to leave OCR rates on hold and revised its peak forecast. The AUDUSD pair slides back below 0.65-cents overnight and looks to find initial support at the 0.6470/80 zone. Any strength on the Aussie today will probably be met with supply into 0.6545/55 area. Today we get  Australian Retail Sales for Jan, expected to be 1.5% for the month, and Private Capex. Further  US Fed commentary from FOMC officials and positioning ahead of the US inflation numbers will likely be the main focus.

Wall Street indices eased over the session, as investors awaited the release of the US inflation data and hope it will provide further clues as to when the US Fed may look to start cutting rates. The DJI was down -0.3%, S&P500 was down -0.2% and the Nasdaq was off -0.5%. Australian shares are expected to roll over the sentiment of global bourses overnight, as investors remain attentive to the US inflation read for hints as to US Fed policy changes.

Gold prices squeezed higher as investors position ahead of the US inflation number and follow comments from various Fed officials over their thoughts on Fed policy timelines.

Copper prices slipped lower as the US-dollar picked up. Dalian Iron ore prices added gains as optimism continued for demand recovery in China, though concerns over their property sector prevails as a headwind for the outlook.

Brent Crude prices were marginally softer by close, as weekly reports of US stockpiles came in higher than anticipated and the US-dollar stronger.



Open today 0.6496

Yesterday’s Range 0.6485 / 0.6550


Open today  0.6098

Yesterday’s Range 0.6082 / 0.6178


Yesterday’s Range 1.0600 / 1.0687


Yesterday’s Range 0.5990 / 0.6039


Yesterday’s Range 4.6823 / 4.7242


Yesterday’s Range 0.5127 / 0.5164


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Economic Calendar

NZD - ANZ Business Confidence
AUD - Retail Sales m/m
AUD - Private Capital Expenditure q/q
AUD - Private Sector Credit m/m
JPY - BOJ Core CPI y/y
JPY - Housing Starts y/y
EUR - French Final Private Payrolls q/q
EUR - German Retail Sales m/m
EUR - German Import Prices m/m
EUR - German Prelim CPI m/m
EUR - French Consumer Spending m/m
EUR - French Prelim CPI m/m
EUR - French Prelim GDP q/q
CHF - GDP q/q
CHF - KOF Economic Barometer
EUR - Spanish Flash CPI y/y
EUR - German Unemployment Change
GBP - M4 Money Supply m/m
GBP - Mortgage Approvals
GBP - Net Lending to Individuals m/m
CAD - GDP m/m
USD - Core PCE Price Index m/m
USD - Unemployment Claims
USD - Personal Income m/m
USD - Personal Spending m/m
USD - Chicago PMI
USD - Pending Home Sales m/m
USD - Natural Gas Storage
USD - FOMC Member Bostic Speaks
All - G20 Meetings
USD - FOMC Member Mester Speaks
NZD - Building Consents m/m
JPY - Unemployment Rate

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65493 0.64858
nzd/usd 0.61777 0.60818
aud/nzd 1.06861 1.05997
usd/jpy 150.843 150.371
usd/cad 1.36061 1.35271
eur/usd 1.08458 1.07965
gbp/usd 1.26838 1.26216
aud/eur 1.66942 1.65571
aud/jpy 98.546 97.715
Equities and Commodities
S&P 500 5062.31
DOW 38814.2
Nasdaq 100 17834.8
ASX200 7647.7
GOLD 2033.46
WTI 78.36

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.