Marketwatch APAC

Daily Insights
February 19, 2024

Market Watch APAC – 20th February 2024


The Australian dollar is expected to hold firm today after posting a small gain yesterday, as expectations for further stimulus from China authorities, to boost their faltering economy, remain front and centre. The PBoC is expected to leave its 1yr benchmark loan prime rate on hold at 3.45% today while cutting its 5yr rate, currently 4.2%, by between 5 and 15 points, the latter of which influences their mortgage rates. We will see the meeting minutes from the RBA February get together released during out session today. The AUDUSD looks to butt up against further supply into the resistance at 0.6550’s. Any retreat will look for 0.65-cents and 0.6480 behind, where a failure to hold could allow for a retest of the 0.6435/45 support.

Wall Street was closed for Presidents Day holiday.  Australian shares are set to open flat today, as investors hold out for corporate earnings and the release of the RBA Minutes later today.

Gold prices held small gains for the day as the US-dollar eased and the developments in the Middle East conflict stir up a preference for lustre metals.

Copper prices drifted lower as the market focused on the ailing property sector in China. The LME was down 0.6% at session close. The Dalian Iron ore contract slipped lower for the day as traders eyed off a cautious stance after inventories rose and steel margins remain weak.

Brent Crude prices posted small gains amid tensions continuing in the Middle East.



Open today 0.6540

Yesterday’s Range 0.6527 / 0.6552


Open today  0.6150

Yesterday’s Range 0.6120 / 0.6152


Yesterday’s Range 1.0632 / 1.0675


Yesterday’s Range 0.6056 / 0.6075


Yesterday’s Range 4.7094 / 4.7207


Yesterday’s Range 0.5174 / 0.5194


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Economic Calendar

AUD - Monetary Policy Meeting Minutes
CNY - 1-y Loan Prime Rate
CNY - 5-y Loan Prime Rate
CHF - Trade Balance
CNY - Foreign Direct Investment ytd/y
EUR - Current Account
CAD - CPI m/m
CAD - Median CPI y/y
CAD - Trimmed CPI y/y
CAD - Common CPI y/y
CAD - Core CPI m/m
GBP - Monetary Policy Report Hearings
NZD - GDT Price Index
USD - CB Leading Index m/m
NZD - PPI Input q/q
NZD - PPI Output q/q
AUD - MI Leading Index m/m
JPY - Trade Balance

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65519 0.65235
nzd/usd 0.61521 0.61135
aud/nzd 1.06675 1.06105
usd/jpy 150.19 149.851
usd/cad 1.34963 1.34645
eur/usd 1.07894 1.07577
gbp/usd 1.26297 1.25692
aud/eur 1.65049 1.64411
aud/jpy 98.228 97.888
Equities and Commodities
S&P 500 5006.81
DOW 38602
Nasdaq 100 17710
ASX200 7643.86
GOLD 2016.69
WTI 78.3

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.