Marketwatch APAC

Daily Insights
January 29, 2024

Market Watch AU – 30th January 2024


The AUDUSD trades within familiar ranges of 0.6650’s to 0.6610/20 , garnishing some positive from the latest China authorities support to their economy, albeit in the face of one of the worlds largest corporate collapses for Evergrande property Group in China, after the Hong Kong court-ordered liquidation of its debt laden assets. The US is poised to become further involved in the Middle East turmoil after three US service personnel were killed in a weekend drone attack and injuring others. While the AUD has been holding ground against the US-dollar, one would think that these negatives are building and capping the global sentiment. Local data releases today will include Retail Sales (Dec) , expectations of -0.1% and will add to the RBA assessment for its interest rate path this year. Recent inflation metrics and a perceived tight labour market, have strengthened market consensus that the RBA will not move at the next meeting. For day traders today, once again should find initial support at 0.6550/55 on any pullback, with rallies to find continued supply through 0.6610/20 and resistance behind at 0.6630.

Wall Street stocks rose modestly to open the week which is heavily weighted with catalysts for the indices, with a number of megacap earnings releases, the FOMC meeting of the Fed and significant economic data releases. The DJI was just ahead at +0.6% over the session, while the S&P500 was up +0.7%, and the Nasdaq was higher +1.1% for the day.  Australian shares are set to open higher today as investors follow the lead from Wall Street while monitoring the US Fed meeting later this week and hints for possible policy changes in the months ahead.

Gold prices traded higher on the back of rising tensions in the Middle East, as well as a slightly softer tone for US Treasury yields.

Copper prices flirted with small gains as traders remain cautious over demand outlook for China, as it continues to roll out support measures for its property sector. LME prices were up +0.3% into the close and negating Friday’s losses. Dalian Iron ore futures gained, as this market found traders more confident that China policy will be continue to come and sufficient to support its ailing economy.

Brent Crude prices dropped over a dollar as the focus on China’s property sector sparked demand concerns and the prospect of escalating tensions out of the Middle East.



Open today 0.6611

Yesterday’s Range 0.6570 / 0.6616


Open today  0.6133

Yesterday’s Range 0.6087 / 0.6144


Yesterday’s Range 1.0766 / 1.0812


Yesterday’s Range 0.6058 / 0.6107


Yesterday’s Range 4.7221 / 4.7542


Yesterday’s Range 0.5175 / 0.5203


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Economic Calendar

GBP - BRC Shop Price Index y/y
AUD - Retail Sales m/m
EUR - French Consumer Spending m/m
EUR - French Flash GDP q/q
CHF - Trade Balance
CHF - KOF Economic Barometer
EUR - Spanish Flash CPI y/y
EUR - Spanish Flash GDP q/q
EUR - Italian Prelim GDP q/q
EUR - German Prelim GDP q/q
GBP - M4 Money Supply m/m
GBP - Mortgage Approvals
GBP - Net Lending to Individuals m/m
EUR - Prelim Flash GDP q/q
EUR - Italian 10-y Bond Auction
USD - S&P/CS Composite-20 HPI y/y
USD - HPI m/m
USD - CB Consumer Confidence
USD - JOLTS Job Openings
EUR - German Buba President Nagel Speaks
JPY - BOJ Summary of Opinions
JPY - Prelim Industrial Production m/m
JPY - Retail Sales y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66158 0.65694
nzd/usd 0.61436 0.60855
aud/nzd 1.08115 1.07275
usd/jpy 148.332 147.21
usd/cad 1.34651 1.33928
eur/usd 1.085 1.07957
gbp/usd 1.27188 1.2662
aud/eur 1.65027 1.63521
aud/jpy 97.697 97.172
Equities and Commodities
S&P 500 4928.03
DOW 38308.1
Nasdaq 100 17605.6
ASX200 7633.67
GOLD 2031.6
WTI 76.98

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.