Marketwatch APAC

Daily Insights
April 23, 2024

Market Watch APAC – 24th April 2024


The US-dollar tumbled during the northern hemisphere sessions, after the US purchasing managers report missed expectations and showed business activity had expanded at its slowest rate this year. US Treasuries fell on both the 2yr and 10yr assets. Risk appetite has picked up for the day and US equities are gearing up for an encouraging earnings report window. The antipodean currencies have continued their going higher with the AUDUSD adding to its weekly gains and sporting some form of recovery. The AUDUSD momentum was aided by yesterdays manufacturing and services PMI release that shows a move towards economic growth rather than contraction. Locally we get the Australia release of Inflation figures that will be the last piece of important data for the RBA in updating its forecasts for the May meeting. Added to this, investors have dialed back their immediate concerns over developments in the Middle East.  While all the attention will be on the CPI data today , traders will be looking to add positive news to the bullish momentum on the Aussie, with buyers on any dip to 0.6450’s and strength to nibble away at 0.6490/00.

Wall Street stocks ended higher for the day, after positive company earnings releases from top tier entities as investors remain focused on the performances of the major growth stocks and the health of the US economy. The DJI gained +0.7%, S&P500 gained +1.2% and the Nasdaq up +1.6%. Australian shares are expected to open higher following the Wall Street moves, while easing tensions in the Middle East are expected to add investor confidence, though attention will be drawn to the release of the CPI March quarter later this morning.

Gold prices steadied following recent falls as US dollar retreated and Middle East tensions appeared to have subsided somewhat.

Copper prices slipped on the LME, as speculative interests sought to take some profits after reaching a 2y high. The Dalian Commodity exchange Iron Ore futures fell further over the session, as investors see a softening in steel demand and wary of a lack of forthcoming stimulus from Beijing and increasing port side inventories.

Brent Crude prices squeezed higher, as the US-dollar retreated and traders became more confident that Middle East disruptions would be less likely a risk for the supply outlook.



Open today 0.6487

Yesterday’s Range 0.6441 / 0.6490


Open today  0.5932

Yesterday’s Range 0.5903 / 0.5948


Yesterday’s Range 1.0888 / 1.0936


Yesterday’s Range 0.6038 / 0.6066


Yesterday’s Range 4.6743 / 4.7123


Yesterday’s Range 0.5203 / 0.5232


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Economic Calendar

AUD - CPI q/q
AUD - CPI y/y
AUD - Trimmed Mean CPI q/q
EUR - German Buba President Nagel Speaks
CHF - Credit Suisse Economic Expectations
EUR - German ifo Business Climate
EUR - German 10-y Bond Auction
GBP - CBI Industrial Order Expectations
CAD - Core Retail Sales m/m
CAD - Retail Sales m/m
USD - Core Durable Goods Orders m/m
USD - Durable Goods Orders m/m
CNY - CB Leading Index m/m
EUR - Belgian NBB Business Climate
USD - Crude Oil Inventories
CAD - BOC Summary of Deliberations
NZD - Bank Holiday
AUD - Bank Holiday

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.64901 0.64408
nzd/usd 0.59481 0.59023
aud/nzd 1.09367 1.0895
usd/jpy 154.873 154.551
usd/cad 1.37142 1.36492
eur/usd 1.07113 1.06383
gbp/usd 1.24583 1.23316
aud/eur 1.65626 1.64695
aud/jpy 100.439 99.706
Equities and Commodities
S&P 500 5081.18
DOW 38546.4
Nasdaq 100 17534.7
ASX200 7705.39
GOLD 2321.59
WTI 83.44

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.