Marketwatch APAC

Daily Insights
April 1, 2024

Market Watch APAC – 2nd April 2024


The AUDUSD sunk back below 0.65-cents after the US ISM manufacturing PMI came in above estimates, at 50.3 for March, and stretched US Treasury yields and US-dollar higher. The AUDUSD pair finds initial support around the 0.6480’s, but traders are eyeing off a move to 0.6440’s and techs lean towards a bearish tilt. A number of US Fed members will hit the wires today and add to the risk event for the day. On the flip side, a number of China positive news items continue to add promise to the Aussie and insulates the trade based economy with raw material export and relaxed barriers for wine and dairy. Australian data releases today will include the Melbourne Institute Inflation index for March, ANZ Job Ads for March and the RBA Minutes of the March meeting, where they left rates on hold. RBA’s Kent is due to speak as well, which will be closely monitored. The AUDUSD will be looking to test lower with technical’s leaning bearish and RSI falling.

Wall Street stocks slipped from recent highs as optimism for US Fed Rate cuts continue to fade with the latest round of manufacturing data suggesting there is no rush for the Central Bank to be cutting anytime soon. The DJI was lower -0.6%, S&P500 lost -0.2% and the Nasdaq inched higher by +0.1%. Australian shares are expected open flat today, as investors await the release of the RBA Minutes (March meeting) for clues as to the Central Bank expectations for interest rates this year and the next meeting in May.

Gold prices pared back some of its recent gains, as the US dollar and US Treasury yields rose after the latest manufacturing data thwarted expectations of a rate cut any time soon.

Copper prices in Shanghai climbed following the release of the China manufacturing data, which showed an encouraging outlook. The LME was closed for the Easter long weekend. Dalian Iron ore prices gained as the China data for manufacturing activity showed some promising expansion. The Dalian May contract was +2.6% at daytime close.

Brent Crude prices finished the day higher with tighter supply expected due to OPEC+ cuts, attacks on Russian refineries and a stronger demand outlook from China.



Open today 0.6490

Yesterday’s Range 0.6481 / 0.6539


Open today  0.5953

Yesterday’s Range 0.5940 / 0.5993


Yesterday’s Range 1.0891 / 1.0918


Yesterday’s Range 0.6035 / 0.6057


Yesterday’s Range 4.7064 / 4.7432


Yesterday’s Range 0.5158 / 0.5173


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Economic Calendar

AUD - MI Inflation Gauge m/m
AUD - Monetary Policy Meeting Minutes
AUD - ANZ Job Advertisements m/m
JPY - 10-y Bond Auction
AUD - Commodity Prices y/y
GBP - Nationwide HPI m/m
EUR - German Prelim CPI m/m
CHF - Retail Sales y/y
EUR - Spanish Unemployment Change
EUR - Spanish Manufacturing PMI
CHF - Manufacturing PMI
EUR - Italian Manufacturing PMI
EUR - French Final Manufacturing PMI
EUR - German Final Manufacturing PMI
EUR - Final Manufacturing PMI
GBP - Final Manufacturing PMI
GBP - M4 Money Supply m/m
GBP - Mortgage Approvals
GBP - Net Lending to Individuals m/m
USD - JOLTS Job Openings
USD - Factory Orders m/m
USD - FOMC Member Bowman Speaks
USD - Wards Total Vehicle Sales
NZD - GDT Price Index
USD - FOMC Member Williams Speaks
USD - FOMC Member Mester Speaks
USD - FOMC Member Daly Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65387 0.64805
nzd/usd 0.59927 0.59393
aud/nzd 1.09175 1.08728
usd/jpy 151.772 151.203
usd/cad 1.35864 1.35147
eur/usd 1.07988 1.07308
gbp/usd 1.26419 1.25393
aud/eur 1.6572 1.65062
aud/jpy 98.949 98.265
Equities and Commodities
S&P 500 5246.97
DOW 39556.7
Nasdaq 100 18309.7
ASX200 7908.49
GOLD 2246.41
WTI 83.93

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.