Marketwatch APAC

Daily Insights
February 20, 2024

Market Watch APAC – 21st February 2024


The US-dollar softened further in offshore trading after the PBoC cut its 5yr rate yesterday, by 25bp to 3.95%, the largest since the reference rate was introduced in 2019, and spurred additional hopes that they will offer further stimulus to underpin its property sector. The AUDUSD plodded higher on market optimism for further global growth, touching 0.6570’s overnight as the US-dollar has softened , particularly against the Yen, which is being closely monitored by the BoJ lately. The AUDUSD has managed to plough through the initial supply over the 0.6550’s and will be looking to challenge the next resistance at 0.6580/95 zone if momentum prevails. Any retreat will look for 0.65-cents and 0.6480 behind, where a failure to hold could allow for a retest of the 0.6435/45 support.

Wall Street resumed from its long weekend and saw stocks lower, weighed down by fading optimism that central banks will be cutting rates any time soon. Also hampering Wall Steet was a dip in Nvidia ahead of its earnings report. The DJI was down -0.2%, S&P500 down 0.7% and the Nasdaq fell -1.3%. Australian shares are set to open heavy today, as investors mull over the release of the RBA Minutes that suggested any interest rate relief was still some time away.

Gold prices rallied higher as the US-dollar eased and investors turned to the release of the US Fed Minutes for clues on the timing for interest rate cuts later this year.

Copper prices moved higher for that day underpinned by a retreating US-dollar and a flicker of global optimism after the PBoC cut its 5yr rate, the main contract that references mortgage rates in China. The Dalian Iron ore contract traded lower again as traders remained concerned over the recovery in demand for steel in the leading consumer China.

Brent Crude prices settled -1.5% lower, as concerns about global demand offset prices support pertaining to the Middle East conflicts.



Open today 0.6549

Yesterday’s Range 0.6521 / 0.6579


Open today  0.6164

Yesterday’s Range 0.6129 / 0.6191


Yesterday’s Range 1.0614 / 1.0649


Yesterday’s Range 0.6058 / 0.6079


Yesterday’s Range 4.7018 / 4.7341


Yesterday’s Range 0.5183 / 0.5210


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Economic Calendar

AUD - Wage Price Index q/q
GBP - Public Sector Net Borrowing
CNY - Foreign Direct Investment ytd/y
EUR - German 10-y Bond Auction
GBP - CBI Industrial Order Expectations
USD - FOMC Member Bostic Speaks
CAD - NHPI m/m
GBP - MPC Member Dhingra Speaks
USD - FOMC Member Barkin Speaks
EUR - Consumer Confidence
USD - FOMC Member Bowman Speaks
USD - FOMC Meeting Minutes
NZD - Trade Balance
AUD - Flash Manufacturing PMI
AUD - Flash Services PMI

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65789 0.65212
nzd/usd 0.61909 0.61288
aud/nzd 1.06484 1.06134
usd/jpy 150.438 149.682
usd/cad 1.35297 1.3472
eur/usd 1.08388 1.07616
gbp/usd 1.26685 1.25791
aud/eur 1.65051 1.64514
aud/jpy 98.614 98.041
Equities and Commodities
S&P 500 4974.55
DOW 38551
Nasdaq 100 17528.2
ASX200 7638.97
GOLD 2024.28
WTI 77.19

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.