Marketwatch APAC

Daily Insights
February 27, 2024

Market Watch APAC – 28th February 2024


The AUDUSD traded in a tight range yesterday ahead of the data releases through to the end of this week. AUDUSD pair continues to stall on any rallies, with AUDJPY sellers adding to the pressure after Japan CPI release for January, came in stronger than expected at 2.2% yoy. The JPY also gained against the USD but has pared back some of those in the US session. Today we get  Australian January CPI report, which is expected to see inflation on the hotter side as upward pressures from house rents, petrol prices and utility bills are all still lingering. The Annual CPI is expected around 3.6% yoy. Also due to drop is the Q4 Construction Work Done,  with expected 0.8% down from previous 1.3%. The NZD on guard today ahead of the RBNZ rate announcement and expected to be a Hold, but there could be some market disappointment if they offer a muted hawkish tone. Continuing US Fed commentary along with a number of economic releases, will also have traders on their toes for any hints to the dot plot for Fed rates.

Wall Street indices were once again trading in independently, as investors prepared for the release of inflation data and a mix of other economic releases that they hope will provide further clues as to when the US Fed may look to start cutting rates. The DJI was down -0.5%, S&P500 was down -0.1% and the Nasdaq was up +0.1%. Australian shares are expected to track the global bourses from overnight, as investors await the local inflation data, due out today, while a glimmer of optimism for a recovery in Chinese steel demand may support local mining shares.

Gold prices remained subdued ahead of comments due from a number of Fed officials and the release of inflation data to come.

Copper prices rallied for the first time this week with traders looking to next weeks annual parliamentary meeting in China for a hope of further stimulus to their economy. Dalian Iron ore prices managed small gains as a glimmer of optimism returned for demand recovery in China, though the immediate outlook remains a constraint for robust rallies.

Brent Crude prices squeezed out a small gain for the session, with OPEC said to be considering an extension to their output cuts into the second quarter of the year.



Open today 0.6544

Yesterday’s Range 0.6525 / 0.6558


Open today  0.6171

Yesterday’s Range 0.6151 / 0.6178


Yesterday’s Range 1.0592 / 1.0631


Yesterday’s Range 0.6014 / 0.6041


Yesterday’s Range 4.7047 / 4.7287


Yesterday’s Range 0.5147 / 0.5171


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Economic Calendar

AUD - CPI y/y
AUD - Construction Work Done q/q
NZD - Official Cash Rate
NZD - RBNZ Monetary Policy Statement
NZD - RBNZ Rate Statement
NZD - RBNZ Press Conference
EUR - German Import Prices m/m
CHF - Credit Suisse Economic Expectations
EUR - Italian 10-y Bond Auction
CAD - Current Account
USD - Prelim GDP q/q
USD - Prelim GDP Price Index q/q
USD - Goods Trade Balance
USD - Prelim Wholesale Inventories m/m
USD - Crude Oil Inventories
GBP - MPC Member Mann Speaks
All - G20 Meetings
USD - FOMC Member Bostic Speaks
USD - FOMC Member Williams Speaks
NZD - RBNZ Gov Orr Speaks
JPY - Prelim Industrial Production m/m
JPY - Retail Sales y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65577 0.6523
nzd/usd 0.61779 0.61511
aud/nzd 1.06303 1.05748
usd/jpy 150.608 150.073
usd/cad 1.35391 1.34842
eur/usd 1.08658 1.08329
gbp/usd 1.26965 1.26602
aud/eur 1.66268 1.65136
aud/jpy 98.622 98.17
Equities and Commodities
S&P 500 5082.06
DOW 38958.8
Nasdaq 100 17975.9
ASX200 7687.47
GOLD 2030
WTI 78.5

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.