Market Watch APAC – 12th March 2024
The AUDUSD eased modestly in a quiet day, as traders position for the US CPI releases tonight. Locally we await the NAB Business survey out today in our session, but unlikely to be a market mover. The Aussie will also be following the release of wider Asia data releases today, for Indian Inflation and Bank of Korea minutes to guage the tempo for risk appetite in the region and global trade outlooks, as the economy is so highly levered to commodity price performances. From a technical perspective , support for AUDUSD remains at 0.6545/55, should we see further pullback and gains will be met with supply at the 0.6665/70 zone initially and 0.6700/10 behind offering further resistance.
Wall Street stocks eased mostly across the board, as investor expectations turned to the latest US inflation read to drop and a better indication as to when the US Fed may embark on rate cuts. The DJI was up just +0.1%, S&P500 eased by -0.1% and the Nasdaq was down -0.4%. Australian shares are expected to open flat today, weighed down by lower iron ore prices that drive the mining sector, though higher Gold and energy prices may soften the decline.
Gold prices edged higher for the day, as investors maneuvered for the US inflation data due out tonight, that is expected to provide insight as to how the US Fed will unfold its interest rate trajectory.
Copper prices traded near 1% higher for the day as markets remain optimistic for China loan data and US inflation read this week. Dalian Iron ore prices dropped a further 5.4% on Monday, as steel production eases and port-side inventories remain high in China.
Brent Crude prices trade flat as traders remain cautious over a softer China demand outlook and the case for less disruption to supply out of the Middle East in spite of ongoing conflicts.
| AUDUSD
Open today 0.6614 Yesterday’s Range 0.6597 / 0.6636 |
NZDUSD
Open today 0.6170 Yesterday’s Range 0.6160 / 0.6187 |
AUDNZD
Yesterday’s Range 1.0700 / 1.0744 |
| AUDEUR
Yesterday’s Range 0.6037 / 0.6065 |
AUDCNH
Yesterday’s Range 4.7397 / 4.7740 |
AUDGBP
Yesterday’s Range 0.5143 / 0.5162 |
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