Marketwatch APAC

Daily Insights
March 4, 2024

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.



Open today 0.6510

Yesterday’s Range 0.6508 / 0.6535


Open today  0.6094

Yesterday’s Range 0.6088 / 0.6112


Yesterday’s Range 1.0676 / 1.0700


Yesterday’s Range 0.5994 / 0.6026


Yesterday’s Range 4.6919 / 4.7108


Yesterday’s Range 0.5129 / 0.5161


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Economic Calendar

NZD - ANZ Commodity Prices m/m
GBP - BRC Retail Sales Monitor y/y
AUD - Current Account
CNY - Caixin Services PMI
JPY - 10-y Bond Auction
JPY - BOJ Gov Ueda Speaks
EUR - French Industrial Production m/m
EUR - Spanish Services PMI
EUR - Italian Services PMI
EUR - French Final Services PMI
EUR - German Final Services PMI
EUR - Final Services PMI
GBP - Final Services PMI
EUR - PPI m/m
USD - Final Services PMI
NZD - GDT Price Index
USD - ISM Services PMI
USD - Factory Orders m/m
USD - RCM/TIPP Economic Optimism
USD - FOMC Member Barr Speaks

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65352 0.65078
nzd/usd 0.61113 0.6088
aud/nzd 1.07001 1.06599
usd/jpy 150.57 149.839
usd/cad 1.35837 1.3545
eur/usd 1.08667 1.0834
gbp/usd 1.27064 1.26467
aud/eur 1.66807 1.65802
aud/jpy 98.143 97.719
Equities and Commodities
S&P 500 5128.58
DOW 38954.1
Nasdaq 100 18212.8
ASX200 7734.1
GOLD 2115.74
WTI 78.79

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.