Marketwatch APAC

Daily Insights
February 6, 2024

Market Watch AU – 7th February 2024


The AUDUSD gained and held above 0.65-cents after the RBA left rates on hold and flagged that they were still open to tightening further if conditions require. The RBA Governor pushed back on rate cut expectations during her press conference and reaffirmed the banks cautious note in their statement, as she emphasized that addressing inflation remains the priority. Further advances for the Aussie will be met with headwinds, Chinese eco data has been poor of late and geopolitical conditions persisting favour a flow to US-dollars should things deteriorate. For today we will continue to monitor the China equity markets for sentiment to waver towards a risk move higher. AUDUSD should find initial support at 0.6470/80 zone and resistance to continue at 0.6525/30 with day traders preferring to sell into strength at the moment.

Wall Street stock indices traded in a mixed fashion, as investors hashed out comments from the Fed as to when they will ‘pencil in’ the first rate cuts and  scrutinized the latest earnings releases from major corporates. By end of day, the DJI was up +0.1% for the session, while the S&P500 eased by -0.06%, and the Nasdaq also down -0.4% during the session.  Australian shares are looking to open higher today, after the Reserve Bank of Australia left rates on hold at their inaugural meeting for 2024.

Gold prices caught a bid today with investors positioning ahead of Fed officials commentary later in the week, as well as a pullback on the US-dollar and US Treasury yields.

Copper prices turned positive on the LME as the US-dollar eased and buoyed by latest efforts from China authorities to stabilize its markets. Dalian Iron ore futures traded lower, as traders continue to weigh up China demand as they tackle their property sector woes and a gloomy demand outlook.

Brent Crude prices posted daily gains, after the US Energy Agency warned on slowing crude oil production this year.



Open today 0.6523

Yesterday’s Range 0.6479 / 0.6525


Open today  0.6098

Yesterday’s Range 0.6047 / 0.6100


Yesterday’s Range 1.0690 / 1.0738


Yesterday’s Range 0.6031 / 0.6067


Yesterday’s Range 4.6695 / 4.6994


Yesterday’s Range 0.5167 / 0.5194


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Economic Calendar

JPY - 30-y Bond Auction
JPY - Leading Indicators
CHF - Unemployment Rate
EUR - German Industrial Production m/m
GBP - Halifax HPI m/m
EUR - French Prelim Private Payrolls q/q
EUR - French Trade Balance
CHF - Foreign Currency Reserves
GBP - MPC Member Breeden Speaks
EUR - Italian Retail Sales m/m
CAD - Trade Balance
USD - Trade Balance
USD - Crude Oil Inventories
USD - FOMC Member Kugler Speaks
USD - FOMC Member Barkin Speaks
USD - 10-y Bond Auction
CAD - BOC Summary of Deliberations
USD - FOMC Member Bowman Speaks
USD - Consumer Credit m/m
JPY - Bank Lending y/y
JPY - Current Account

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65253 0.64796
nzd/usd 0.60989 0.60465
aud/nzd 1.07371 1.06619
usd/jpy 148.786 147.815
usd/cad 1.35434 1.34722
eur/usd 1.07622 1.07226
gbp/usd 1.26029 1.25333
aud/eur 1.65782 1.64671
aud/jpy 96.801 96.272
Equities and Commodities
S&P 500 4954.73
DOW 38498.6
Nasdaq 100 17571.6
ASX200 7650.57
GOLD 2035.6
WTI 73.47

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.