Market Watch APAC – 18th June 2024
The US dollar enjoyed early gains in off shore trading sessions overnight, with US Treasury yields posting gains. A turn around in Copper futures and equities added to the improvement in risk assets and underpinned the AUDUSD moves back above 0.66-cent in to the end of the US session. Today the focus for traders will be the release of the RBA decision this afternoon, where the central bank is widely expected to keep rates on hold at 4.35%. Day traders will look to support at the 0.6580/85 zone on any decline and resistance through 0.6650’s on any strength.
Wall Street stocks and indices traded firm in to the end of the day after a bumpy session as investors look for further indications for policy from the various Fed spokespersons across the week and additional economic data. The S&P500 was up 1% and the DJI gained +0.6%, while the Nasdaq posted a gain of +1.3% for the day. Australian shares are expected to follow Wall Street moves higher, as investors look forward to the results of the RBA meeting this afternoon.
Gold prices lost ground across the day, as US Treasury yields picked up and investors hold out for further clues from Fed officials this week.
Copper prices dipped after China economic data came in softer than expected. Iron Ore prices on the Dalian Commodity Exchange fell on the tail of softer China economic data released yesterday.
Brent Crude reversed Friday’s losses and added to weekly gains, as investors favour improved conditions for demand in crude and fuel at the back end of the year.
| AUDUSD
Open today 0.6613 Yesterday’s Range 0.6586 / 0.6624 |
NZDUSD
Open today 0.6132 Yesterday’s Range 0.6105 / 0.6145 |
AUDNZD
Yesterday’s Range 1.0753 / 1.0809 |
| AUDEUR
Yesterday’s Range 0.6149 / 0.6188 |
AUDCNH
Yesterday’s Range 4.7884 / 4.8122 |
AUDGBP
Yesterday’s Range 0.5198 / 0.5222 |
