Marketwatch APAC

Daily Insights
February 26, 2024

Market Watch APAC – 27th February 2024


The AUDUSD was comfortable holding ground from the Asia session open yesterday, but then found it hard hold above the longer dated moving averages, as copper prices slipped, iron ore lower and equities moved sideways ahead of the CPI data releases due out later this week, for Oz and the US. So the AUDUSD pair continues to find resistance in the 0.6575/80 area and notes the 0.6600/05 zone behind, while to the downside, we have found session support at 0.6530/35 and wary of 0.65-cents behind. Markets have been positioning ahead to the Australian January CPI report due out on Wednesday this week, which is expected to see inflation on the hotter side as upward pressures from house rents, petrol prices and utility bills are all still lingering. The NZD is still in focus for traders ahead of the RBNZ rate announcement on Wednesday and expected to be a Hold, but there could be some market disappointment if they offer a muted hawkish tone. Continuing US Fed commentary along with a number of economic releases, will also have traders on their toes for any hints to the dot plot for Fed rates.


Wall Street stocks were mixed for start of the week after an AI-fueled end to last week. The DJI was up just +0.01%, S&P500 was down -0.1% and the Nasdaq was up a negligible  +0.03%. Australian shares are expected to open lower today, as investors mark time before the local inflation data, due out on Wednesday.


Gold prices eased lower as markets look ahead to the US inflation release due out later this week and offer some indication as to the timeline expected from the Fed regarding interest rate cuts.

Copper prices eased further on Monday as inventories rise in China on the back of slower demand. Dalian Iron ore prices carried over last week’s softness and pinged a four month low as construction activity slows in China, with disruptive weather adding to the demand outlook.

Brent Crude prices grabbed back some of last week’s losses, as traders remain mindful of shipping disruptions amid hints of higher demand. Brent Crude futures gained 1.3% for the session.



Open today 0.6540

Yesterday’s Range 0.6531 / 0.6574


Open today  0.6173

Yesterday’s Range 0.6162 / 0.6203


Yesterday’s Range 1.0576 / 1.0634


Yesterday’s Range 0.6022 / 0.6069


Yesterday’s Range 4.7103 / 4.7329


Yesterday’s Range 0.5153 / 0.5182


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Economic Calendar

GBP - BRC Shop Price Index y/y
EUR - German GfK Consumer Climate
EUR - M3 Money Supply y/y
EUR - Private Loans y/y
USD - Durable Goods Orders m/m
USD - Core Durable Goods Orders m/m
GBP - MPC Member Ramsden Speaks
USD - S&P/CS Composite-20 HPI y/y
USD - HPI m/m
USD - FOMC Member Barr Speaks
USD - CB Consumer Confidence
USD - Richmond Manufacturing Index

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65668 0.65307
nzd/usd 0.62009 0.61623
aud/nzd 1.06333 1.05547
usd/jpy 150.835 150.195
usd/cad 1.35286 1.34888
eur/usd 1.08596 1.08125
gbp/usd 1.26993 1.26566
aud/eur 1.66066 1.64594
aud/jpy 98.833 98.468
Equities and Commodities
S&P 500 5069.5
DOW 39060.7
Nasdaq 100 17923.2
ASX200 7653.71
GOLD 2031.58
WTI 77.58

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.