Market Watch APAC – 16th April 2024
The slide for the AUDUSD continued overnight, sending the pair to a two-month low, as US Treasury yields rallied and equities suffered. US March Retail Sales delivered an upbeat message on the economy and took the US-dollar higher. A lack of local data releases today will shift traders attention to China releases across the Asia session. Ahead this week for Australia, will have traders awaiting the Aust March Employment data, where a strong labour force has been an influencing factor in the RBA’s policy outlook. With AUDUSD technical’s bearish and RSI’s falling, support lies at February’s low of 0.6442, now that the 0.6455/60 zone has depleted, while any positive moves for the pair, will find day traders and fundies selling in to any strength.
Wall Street stocks and indices fell overnight as US Treasury yields rose and geopolitical tensions remain high in the Middle East. The DJI lost -0.6%, S&P500 down -1.1% and the Nasdaq slid -1.6%. Australian shares are expected to open lower today, extending losses from yesterday, following Wall Street moves after the US Retail Sales release saw investors winding back their expectations for Fed rate cuts later this year.
Gold prices eased lower as the US-dollar and Treasury yields gained in response to a higher than expected US Retail Sales release, though elevated tension in the Middle East conflicts are maintaining some safe haven interest for lustre metals.
Copper prices rallied higher, with the LME closing +1.7%. The Dalian Commodity exchange saw Iron ore prices march higher, spirited on by hopes of further China stimulus and the chance they will return to a better demand outlook.
Brent Crude prices eased -0.4%, as traders realized the Iranian attack on Israel over the weekend, was less damaging than first thought, easing the threat to crude oil disruption.
| AUDUSD
Open today 0.6442 Yesterday’s Range 0.6438 / 0.6493 |
NZDUSD
Open today 0.5904 Yesterday’s Range 0.5899 / 0.5957 |
AUDNZD
Yesterday’s Range 1.0870 / 1.0921 |
| AUDEUR
Yesterday’s Range 0.6062 / 0.6092 |
AUDCNH
Yesterday’s Range 4.6723 / 4.7136 |
AUDGBP
Yesterday’s Range 0.5175 / 0.5207 |
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