Marketwatch APAC

Daily Insights
January 24, 2024

Market Watch AU – 25th January 2024


The AUDUSD managed to climb over 0.66-cents once again, as the barometer of sentiment returned following a China announcement for reduction in amount of funds banks need to hold for capital requirements. Also in the mix is a request by China policy makers to mobilize around 2tn Yuan from offshore state owned enterprises as part of a stabilization fund for onshore share purchases. What seems to be limiting further gains for the AUD is the increasing expectation that the RBA will be maintaining its current policy levels at the Feb meeting following a decline in inflation last month and a moderating labour market. The US-dollar also has regained some strength this week, as investors revise their expectation for rate cuts from the Fed, both in timing and quantity, for this year. Looking ahead today, a light Asia economic data calendar will have day traders looking for similar support and resistance levels on the AUDUSD. Continuation of support at 0.6500/25 on any pullback, with rallies to find resistance and supply through 0.6605/20 once again.

Wall Street saw the S&P500 set another record high over the day as Netflix quarterly results and a strong report for ASML leading chipmakers sparked a surge in interest for the market. The DJI was just ahead at +0.01% over the session, while the S&P500 gained +0.4%, and the Nasdaq was up +0.7% for the day.  Australian shares are set to carry on the overnight enthusiasm from Wall Street today, with possible gains from tech and commodity shares.

Gold prices traded lower after US data revealed strong business activity in December and as investors re-assess the timeline for policy cues out of the Fed later this year on the back of further data releases later this week.

Copper prices gained on the LME on improved expectations that China will release stimulus measures to boost their economy. Iron ore futures steadied, as data showing inventories have been piling up at Chinese mills stemmed enthusiasm for the steel demand outlook. Chinese steel mill stockpiles are at their highest since October. That’s a strong signal steel consumption remains languid during China’s winter seasonal lull. .

Brent Crude prices made gains over the day following a higher than expected draw on US crude inventories coupled with a fall in their crude output, all the while geopolitical tensions in Europe and the Middle East add to the softer supply outlook.



Open today 0.6577

Yesterday’s Range 0.6566 / 0.6621


Open today  0.6111

Yesterday’s Range 0.6089 / 0.6149


Yesterday’s Range 1.0753 / 1.0796


Yesterday’s Range 0.6041 / 0.6068


Yesterday’s Range 4.7086 / 4.7307


Yesterday’s Range 0.5169 / 0.5192


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Economic Calendar

AUD - RBA Bulletin
EUR - German ifo Business Climate
GBP - CBI Realized Sales
EUR - Main Refinancing Rate
EUR - Monetary Policy Statement
USD - Advance GDP q/q
USD - Unemployment Claims
USD - Advance GDP Price Index q/q
USD - Core Durable Goods Orders m/m
USD - Durable Goods Orders m/m
USD - Goods Trade Balance
USD - Prelim Wholesale Inventories m/m
EUR - ECB Press Conference
EUR - Belgian NBB Business Climate
USD - New Home Sales
USD - Natural Gas Storage
AUD - Bank Holiday
JPY - Tokyo Core CPI y/y
JPY - Monetary Policy Meeting Minutes
JPY - SPPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66209 0.65658
nzd/usd 0.61489 0.60718
aud/nzd 1.07959 1.07424
usd/jpy 148.26 146.649
usd/cad 1.35283 1.34297
eur/usd 1.09322 1.08513
gbp/usd 1.27748 1.26857
aud/eur 1.6553 1.64776
aud/jpy 97.59 96.475
Equities and Commodities
S&P 500 4867.43
DOW 37847
Nasdaq 100 17485.6
ASX200 7558.85
GOLD 2012.95
WTI 75.42

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.