Marketwatch APAC

Daily Insights
March 18, 2024

Market Watch APAC – 19th March 2024


The AUDUSD slipped a tad lower yesterday, eventually finding support from some commodity and equity gains, while a surprise uptick in China retail sales and Industrial Output also helped to temper the slide. Rising US Treasury yield spreads over Bunds, Gilts and JGB’s have been the driver of favour for the US-dollar to start the week, with Central Bank meetings across the week all attracting attention. The stickiness of US inflation has been seen as a signal for investors that the US Fed will have to tread carefully when considering when best to commence cutting their funds rate. For Australia today we look to the RBA meeting, where it is highly expected that they will not change the cash rate (4.35%) in either direction, but important for the Aussie will be the accompanying statement that is expected to remain hawkish in line with persistently high house prices and the slow decline for inflation. From a technical perspective the AUDUSD will be watching that support at 0.6550/60, with 0.6505/10 the next level behind, and gains met with supply at the 0.6585/90 zone initially, before attempting a re-run at the 0.66-cent level, should the RBA message be market favouring.

Wall Street indices all advanced to open the week, with the tech sector finding buyers after several sessions of negative trade, and the markets positioning ahead of the Fed who are locked in for their two day meeting. The DJI was up +0.2%, S&P500 gained +0.6% and the Nasdaq up +0.8%. Australian shares are expected to open cautiously today, awaiting the results of the RBA Meeting this afternoon, though some favour could spill over from the Wall Street performance overnight and the rise in commodities.

Gold prices ended the session marginally higher as investor jossle for positions ahead of this weeks US FOMC meeting.

Copper prices remained firm yesterday, as last week’s agreement by China copper smelters to cut output continues to propel prices. Dalian Iron ore prices rebounded on the tail of an improved data drop for China for Retail Sales and Industrial Production.

Brent Crude prices turned higher over the day , supported by optimistic demand prospects after the China Retail Sales and Industrial Production data, amidst lower crude exports reported from Saudi and Iraq.



Open today 0.6559

Yesterday’s Range 0.6551 / 0.6574


Open today  0.6085

Yesterday’s Range 0.6078 / 0.6100


Yesterday’s Range 1.0768 / 1.0787


Yesterday’s Range 0.6022 / 0.6035


Yesterday’s Range 4.7223 / 4.7371


Yesterday’s Range 0.5150 / 0.5160


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Economic Calendar

JPY - Monetary Policy Statement
JPY - BOJ Policy Rate
AUD - Cash Rate
AUD - RBA Rate Statement
AUD - RBA Press Conference
JPY - Revised Industrial Production m/m
JPY - BOJ Press Conference
CNY - Foreign Direct Investment ytd/y
CHF - Trade Balance
CHF - SECO Economic Forecasts
EUR - German ZEW Economic Sentiment
EUR - ZEW Economic Sentiment
CAD - CPI m/m
CAD - Median CPI y/y
CAD - Trimmed CPI y/y
CAD - Common CPI y/y
CAD - Core CPI m/m
USD - Building Permits
USD - Housing Starts
NZD - GDT Price Index
NZD - Westpac Consumer Sentiment
USD - TIC Long-Term Purchases
NZD - Current Account
JPY - Bank Holiday

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65739 0.65509
nzd/usd 0.61002 0.60775
aud/nzd 1.07864 1.07512
usd/jpy 149.329 148.907
usd/cad 1.35514 1.35205
eur/usd 1.09061 1.08659
gbp/usd 1.27467 1.27176
aud/eur 1.66064 1.65548
aud/jpy 98.045 97.621
Equities and Commodities
S&P 500 5170.94
DOW 38931.7
Nasdaq 100 18069.3
ASX200 7682.89
GOLD 2160.27
WTI 82.82

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.