Market Watch APAC – 9th April 2024
The AUDUSD has managed to clear out the losses from Friday’s US Payrolls data and track stronger CNH and commodities higher. It opens in Asia over 0.66-cents and leans to a bullish tone despite US Treasury yields hitting fresh near term highs overnight. In our trading day we look to the NAB Business confidence and conditions report for March and the Westpac Consumer numbers for April to entertain traders today. Markets will be tuned to the US CPI tomorrow and FOMC March meeting minutes on Thursday, that may offer further direction to the US-dollar. For now on the AUDUSD, the levels to watch will be resistance at 0.6630/35 and support from buyers interest on dips to 0.6550/60 zone, yet again.
Wall Street stocks traded sideways and little changed by close as investors sit tight ahead of the inflation data tomorrow. The DJI was up +0.01%, S&P500 also marginally in the black at +0.01% and the Nasdaq up by +0.03%. Australian shares are expected to open higher today, following commodities higher, as investors await the release of the US CPI later this week that may offer further insight as to how the US Fed sets policy.
Gold bullion prices continue to firm and hit new highs, as central bank interests and geopolitical tensions continue to fuel the favour of lustre metals.
Copper prices tracked higher with speculator interest from momentum funds being noted and on the back of strong German industrial data. The Dalian Commodity exchange saw Iron ore prices rally as it re-opened after last weeks holiday with hopes that China will bolster its steel industry and see steel mills restock inventories post the holiday break.
Brent Crude prices eased as Israel was seen to reduce troops in south Gaza and re-open ceasefire talks with Hamas.
| AUDUSD
Open today 0.6604 Yesterday’s Range 0.6560 / 0.6610 |
NZDUSD
Open today 0.6032 Yesterday’s Range 0.5995 / 0.6038 |
AUDNZD
Yesterday’s Range 1.0913 / 1.0968 |
| AUDEUR
Yesterday’s Range 0.6057 / 0.6093 |
AUDCNH
Yesterday’s Range 4.7528 / 4.7868 |
AUDGBP
Yesterday’s Range 0.5199 / 0.5226 |
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