Marketwatch APAC

Daily Insights
March 13, 2024

Market Watch APAC – 14th March 2024


The US dollar has been the main driver for the markets and currencies, as traders juggle their expectations for when the US Fed will embark on interest rate cuts to their economy. The mood for a June cut is softening after the release of the CPI earlier in the week , though indecision by investors is constraining US Treasury yields and analysts await further economic data to influence how they see the Fed will act. So in the meantime for our session today, traders will monitor the USDCNH moves once again in Asia and await the release of the US Retail Sales, US PPI and weekly Jobless claims, for any diversion in risk sentiment. From a technical perspective the AUDUSD is erring bullish , with support for remaining at 0.6545/55, and gains met with supply at the 0.6665/70 zone initially and 0.6700/10 zone behind offering further resistance.

Wall Street stocks eased off recent highs, as treasury yields initially ticked up and pressured the tech stocks. The DJI was up +0.1%, S&P500 lost -0.2% and the Nasdaq down -0.5%. Australian shares are expected to open with a positive tilt today, led by gold, energy stocks and commodities outside of iron ore, that contribute a large proportion to the index.

Gold prices squeezed higher across the day as the US-dollar retreated , despite the latest US inflation data, that should have eased expectations that the US Fed will introduce interest rate cuts any time too soon. Middle East geopolitical tensions still favour the lustre metals for safe haven flows.

Copper prices rallied after Chinese smelters, which processes half of the worlds mined copper, agreed to a collusive production cut. Dalian Iron ore prices continue to trend lower, as weak demand expectations in leading consumer China, weigh on price actions.

Brent Crude prices rallied today, following a surprise drop in US gasoline stocks, as well as the possibilities for supply disruption following the Ukraine military manoeuvres on Russian refineries.



Open today 0.6621

Yesterday’s Range 0.6600 / 0.6635


Open today  0.6157

Yesterday’s Range 0.6144 / 0.6170


Yesterday’s Range 1.0722 / 1.0759


Yesterday’s Range 0.6040 / 0.6055


Yesterday’s Range 4.7451 / 4.7706


Yesterday’s Range 0.5160 / 0.5180


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Economic Calendar

GBP - RICS House Price Balance
CHF - PPI m/m
CNY - New Loans
CNY - M2 Money Supply y/y
CAD - Manufacturing Sales m/m
USD - Core PPI m/m
USD - Core Retail Sales m/m
USD - PPI m/m
USD - Retail Sales m/m
USD - Unemployment Claims
USD - Business Inventories m/m
USD - Natural Gas Storage
NZD - BusinessNZ Manufacturing Index

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66351 0.66001
nzd/usd 0.61697 0.61381
aud/nzd 1.07585 1.07225
usd/jpy 148.046 147.229
usd/cad 1.34981 1.3454
eur/usd 1.09637 1.092
gbp/usd 1.28113 1.277
aud/eur 1.65551 1.65033
aud/jpy 97.961 97.24
Equities and Commodities
S&P 500 5171.68
DOW 39070.2
Nasdaq 100 18097.4
ASX200 7751.17
GOLD 2174.2
WTI 79.59

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.