Marketwatch APAC

Daily Insights
February 7, 2024

Market Watch AU – 8th February 2024


The AUDUSD squeezed higher for the day, in part due to the pullback for the US-dollar, after tipping recent highs on the Dollar index. Analysts continue to monitor the flavour of the Fed rhetoric , looking for clues as to just when they will be ready to start cutting rates. Locally, investors are digesting the commentary from the RBA and in particular , Governor Michele Bullock comments, that departed from the expected dovish outlook and emphasized that current inflation is still too high. The AUDUSD continues meet with selling interests and layers of supply and we should expect day traders preferring to sell into strength at the moment.  For today locally there is no major data as we look ahead to Bullock’s Testimony due tomorrow. China is due to release their CPI and PPI for January which will be watched by traders. AUDUSD should find initial support at 0.6470/80 zone and resistance to continue at 0.6535/50 area.

Wall Street stock indices traded positive today, as investors welcomed the latest earnings releases from major corporates, while keeping check on further clues from US Fed officials on hints for interest rate policy changes. The DJI was up +0.5% for the session, the S&P500 rose by +0.8%, and the Nasdaq gained +0.9% over the session.  Australian shares are steady, as investors review comments from US Fed policy makers on their expectations for policy path.

Gold prices held on to previous days gains as investors look to Fed commentary for policy clues.

Copper prices gave back gains from the previous day, as Fed policy makers were remarking on expected interest rate levels later in the year . Dalian Iron ore futures traded firmer yesterday after Chinese officials signaled further support measures for their struggling economy.

Brent Crude prices strengthened further, after the US fuel inventories dropped further than expected , as well as ongoing tensions in the Middle East.



Open today 0.6520

Yesterday’s Range 0.6516 / 0.6540


Open today  0.6113

Yesterday’s Range 0.6092 / 0.6125


Yesterday’s Range 1.0664 / 1.0713


Yesterday’s Range 0.6048 / 0.6076


Yesterday’s Range 4.6961 / 4.7107


Yesterday’s Range 0.5161 / 0.5186


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Economic Calendar

GBP - RICS House Price Balance
CNY - CPI y/y
CNY - PPI y/y
JPY - Economy Watchers Sentiment
EUR - ECB Economic Bulletin
USD - Unemployment Claims
USD - FOMC Member Barkin Speaks
GBP - MPC Member Mann Speaks
USD - Final Wholesale Inventories m/m
USD - Mortgage Delinquencies
USD - Natural Gas Storage
USD - 30-y Bond Auction
AUD - RBA Gov Bullock Speaks
JPY - M2 Money Stock y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65402 0.65107
nzd/usd 0.61248 0.6092
aud/nzd 1.07131 1.06274
usd/jpy 148.258 147.616
usd/cad 1.34923 1.34468
eur/usd 1.07839 1.07556
gbp/usd 1.26419 1.25968
aud/eur 1.65325 1.64574
aud/jpy 96.787 96.436
Equities and Commodities
S&P 500 4996.92
DOW 38698.9
Nasdaq 100 17771.1
ASX200 7634.25
GOLD 2033.97
WTI 74.06

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.