Market Watch APAC – 26th March 2024
After hitting the lows of 0.6510 Monday morning, the AUDUSD rallied with the support of a rally in Gold, global equities and a US-dollar decline. Traders have been keen to sell into these gains and stall the advance beyond 0.6550’s for the time being. Tight ranges are expected to continue until we receive an update on fresh data releases across the week. In Australia we look for the release of the Westpac Consumer Confidence Index but is not expected to be a market mover. The AUDUSD will be looking to continue consolidating above support at 0.6500/10 if it is to retain any near term neutral bias , while resistance around 0.6555/65 initially, will need to be hurdled, for it to gather any upward momentum.
Wall Street stocks were mixed today with the DJI and the S&P slipping as investors mulled over the likely path for US Fed policy and key inflation data due out later this week. The DJI was lower -0.4%, S&P500 lost -0.3% and the Nasdaq lower -0.3%. Australian shares are expected open slightly lower today, as investors position ahead of local and US data releases later in the week.
Gold prices gained 0.5% for the day, as investors in this market look to up-coming US 2inflation figures as to an indication for when the the US Fed will cut interest rates this year.
Copper prices closes higher on the LME as the US-dollar retreats. Dalian Iron ore prices ground higher as signs of improved China consumption and further pledges to support their ailing property market, re-assure traders that demand is improving.
Brent Crude prices settled 1.5% higher, as attacks on energy infrastructure in both Russia and the Ukraine, counteract the possibility for a ceasefire in the Middle East as called for by the United Nations.
| AUDUSD
Open today 0.6540 Yesterday’s Range 0.6510 / 0.6547 |
NZDUSD
Open today 0.6003 Yesterday’s Range 0.5987 / 0.6015 |
AUDNZD
Yesterday’s Range 1.0843 / 1.0896 |
| AUDEUR
Yesterday’s Range 0.6024 / 0.6047 |
AUDCNH
Yesterday’s Range 4.7242 / 4.7466 |
AUDGBP
Yesterday’s Range 0.5165 / 0.5186 |
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