Marketwatch APAC

Daily Insights
February 13, 2024

Market Watch APAC – 14th February 2024


The US-dollar rallied to a three month high against its major peers after a standout CPI release for January that has markets re-pricing for further delays in possible rate cuts by the Fed, to possibly even June. US CPI rose by 0.3% mom in January, above the expected 0.2% and 3.1% yoy which was also above expectations of 2.9%. The greenback and US Treasury yields quickly responded to the data as traders recongnise the Fed’s purposefulness to wait for further confirmation that inflation is contained before considering rate cuts. US retail sales is out tonight and will be ‘front and centre’ for analysts, for signs of economic resilience and further underpin a higher US-dollar. The AUDUSD has been deflated from its buying interests above 0.65-cents and pressured back to the softer end of the range at 0.6450/60’s. This would leave the door open for further declines as the fundamentals of declining Copper and Iron Ore prices and the ever present uncertainty of the China economy takes hold. There is no economic data for Australia today so expect traders to look to USD moves and their Retail Sales release tonight. The AUDUSD has seen a break of the 0.6470/90 support zone and now looks to pressure the 0.6440/50 where a failure to hold could open up a deeper decline below 0.64-cents. On the flipside, day traders will be looking to sell into any strength towards 0.6500/15 zone initially.

Wall Street and global stock indices dropped back after the higher than expected release of the US Inflation data which pushed back investor expectations of a near-term rate cut from the US Fed. The Nasdaq however after having a solid run on Friday, returned some of the gains in Monday’s session The DJI fell-1.5%, the S&P500 dropped -1.5% also, and the Nasdaq retreated -1.7% over the session.  Australian shares are set to open sharply lower today, following the lead of their global peers, as investors push back any chances of imminent rate cuts by the Fed.

Gold prices have dipped below $2000 as US-dollar and Treasury yields rallied in response to the US CPI release overnight.

Copper prices eroded earlier session gains after the CPI news and the US-dollar stretched higher. The LME was up just +0.1% at session close. The Dalian commodities exchange remains closed for Chinese Lunar New Year Holidays.

Brent Crude prices were back to positive gains for the day as political tensions and Middle East conflicts continue to be the imminent concern for adequate supply.



Open today 0.6453

Yesterday’s Range 0.6443 / 0.6535


Open today  0.6061

Yesterday’s Range 0.6050 / 0.6133


Yesterday’s Range 1.0645 / 1.0693


Yesterday’s Range 0.6021 / 0.6063


Yesterday’s Range 4.6605 / 4.7139


Yesterday’s Range 0.5121 / 0.5173


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Economic Calendar

CNY - Bank Holiday
GBP - CPI y/y
GBP - Core CPI y/y
GBP - PPI Input m/m
GBP - PPI Output m/m
GBP - RPI y/y
CNY - Foreign Direct Investment ytd/y
GBP - HPI y/y
EUR - Flash Employment Change q/q
EUR - Flash GDP q/q
EUR - Industrial Production m/m
GBP - 10-y Bond Auction
EUR - German 30-y Bond Auction
GBP - CB Leading Index m/m
GBP - BOE Gov Bailey Speaks
USD - Crude Oil Inventories
EUR - German Buba President Nagel Speaks
CAD - Gov Council Member Mendes Speaks
USD - FOMC Member Barr Speaks
NZD - Visitor Arrivals m/m
AUD - RBA Gov Bullock Speaks
JPY - Prelim GDP Price Index y/y
JPY - Prelim GDP q/q

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65347 0.64425
nzd/usd 0.61291 0.60495
aud/nzd 1.06936 1.06477
usd/jpy 150.882 149.211
usd/cad 1.35859 1.3436
eur/usd 1.07974 1.07003
gbp/usd 1.26871 1.25728
aud/eur 1.66113 1.64932
aud/jpy 97.603 97.157
Equities and Commodities
S&P 500 4956.64
DOW 38248.1
Nasdaq 100 17624.6
ASX200 7529.66
GOLD 1993.08
WTI 77.72

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.