Marketwatch APAC

Daily Insights
April 22, 2024

Market Watch APAC – 23rd April 2024


The US-dollar was lifted by US-Treasury yields in overnight trading. The AUD was one of the G10 peers that managed to still find gains, as risk sentiment improved across equites and Middle East tensions appeared to subside. As was suggested earlier in the week, the 0.6450’s level on the AUDUSD has been an important pivot in the last few months and will continue to attract attention for near term direction on the pair. Day traders have been preferring to sell in to the fade, but further strength could see shorts unwind and accelerate to 0.6470/80. Locally today on the economic front we get the Australia Judo Bank manufacturing, Services and Composite PMI’s for April. Looking ahead analysts will be waiting for Wednesday’s release of Australian Inflation figures that will be the last piece of important data for the RBA in updating its forecasts for the May meeting. Lower than expected figures could see markets bring forward the first anticipated rate cut for the RBA.

Wall Street stocks ended higher for the day, as investors leaned favourably into a busy week of company earnings releases that are expected to offer an incite in to the state of the US economy. The DJI gained +0.7%, S&P500 gained +0.9% and the Nasdaq up +1.1%. Australian shares are expected to open higher following the confidence of its Wall Street cousin, while easing tensions in the Middle East expected to offset any drag from mining and energy shares.

Gold prices fell more that 2% over the day as investors withdrew safe haven positions, while Middle East tensions appeared to subside somewhat.

Base metals, including Copper, prices slipped on the LME, as the US-dollar made gains. The Dalian Commodity exchange Iron Ore futures slipped lower for the session as traders become wary of a lack of forthcoming stimulus from Beijing and increasing port side inventories.

Brent Crude prices settled lower as traders became more confident that Middle East disruptions would be less likely a risk from the on going conflict.



Open today 0.6450

Yesterday’s Range 0.6410 / 0.6455


Open today  0.5919

Yesterday’s Range 0.5883 / 0.5928


Yesterday’s Range 1.0864 / 1.0914


Yesterday’s Range 0.6013 / 0.6055


Yesterday’s Range 4.6558 / 4.6805


Yesterday’s Range 0.5178 / 0.5230


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Economic Calendar

JPY - Flash Manufacturing PMI
JPY - BOJ Core CPI y/y
GBP - Public Sector Net Borrowing
EUR - French Flash Manufacturing PMI
EUR - French Flash Services PMI
EUR - German Flash Manufacturing PMI
EUR - German Flash Services PMI
EUR - Flash Manufacturing PMI
EUR - Flash Services PMI
GBP - MPC Member Haskel Speaks
GBP - Flash Manufacturing PMI
GBP - Flash Services PMI
GBP - MPC Member Pill Speaks
EUR - German Buba President Nagel Speaks
USD - Flash Manufacturing PMI
USD - Flash Services PMI
USD - New Home Sales
USD - Richmond Manufacturing Index
NZD - Trade Balance
JPY - SPPI y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.64552 0.64063
nzd/usd 0.59284 0.58761
aud/nzd 1.09063 1.0839
usd/jpy 154.849 154.393
usd/cad 1.37523 1.36768
eur/usd 1.06706 1.06239
gbp/usd 1.23923 1.22994
aud/eur 1.66094 1.64942
aud/jpy 99.906 98.969
Equities and Commodities
S&P 500 5017.83
DOW 38288.2
Nasdaq 100 17222.4
ASX200 7673.08
GOLD 2326.1
WTI 82.13

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.