Market Watch APAC – 5th March 2024
The AUDUSD traded in a tight range to open the week, sliding back to the 0.6510 intraday support, as the market awaits outcomes from a number of data releases and official commentaries that could mould policy for central banks. Locally today we get Australian Current Account, but analysts will look forward to Q4 GDP tomorrow, and Building Approvals, January Trade numbers on Thursday. Markets are also preparing for the US Non-farm Payrolls and Powell’s Congressional Testimony , plus also China National People’s Congress and possible stimulus outcomes there. US non-farm payrolls are tipped to soften to 200k from 353k. The AUDUSD is expected to remain contained in familiar ranges ahead of all these events and data, with any rallies stalling into 0.6545/50 and any further retracement lower ,will look for the support at the 0.6470/80 zone.
Wall Street stocks mixed after record highs last week, as Treasury yields edged up and investors positioned ahead of Fed Chair Jerome Powell’s congressional testimony and the US jobs data due out later this week. The DJI was down just -0.02%, S&P500 was up +0.2% and the Nasdaq was higher too +0.05%. Australian shares open today flat, with investors remaining cautious over iron ore prices and monitoring the pulse of China’s economic activity for further signs that could weigh on the mining sector.
Gold prices made further gains as investors firm up their expectations that there will be a US rate cut by June.
Copper prices rose slightly for the session, but stalled amidst concern for demand out of China and investors remain attentive to outcomes from the China National People’s Congress taking place this week. Dalian Iron ore prices retreated again, as traders remain concerned that China demand will remain slow in the short term.
Brent Crude prices retreated from intraday highs due to demand concerns, even though OPEC+ group said it would restrict supply into the next quarter.
| AUDUSD
Open today 0.6510 Yesterday’s Range 0.6508 / 0.6535 |
NZDUSD
Open today 0.6094 Yesterday’s Range 0.6088 / 0.6112 |
AUDNZD
Yesterday’s Range 1.0676 / 1.0700 |
| AUDEUR
Yesterday’s Range 0.5994 / 0.6026 |
AUDCNH
Yesterday’s Range 4.6919 / 4.7108 |
AUDGBP
Yesterday’s Range 0.5129 / 0.5161 |
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