Marketwatch APAC

Daily Insights
January 23, 2024

Market Watch AU – 24th January 2024


As expected, the antipodean currencies were dominated by China market activity yesterday, with the AUDUSD climbing over 0.66-cents on the China stock rescue plan discussion. The China central authorities are contemplating a $278bn rescue package directed at the nation’s stagnating stock market. During Asia session, option related selling interest in the Aussie was cleared out in the high 0.65’s, but a firmer US-dollar overnight has put a cap on gains as US treasury yields picked up. Also as expected, the BoJ delivered a ‘no change’ to their cash rate yesterday, remaining at -0.1%, but details in their communications suggested they are proving more comfortable with inflation on track and a positive cash rate scenario, by reinforcing policy normalization as soon as April. The US-dollar was up against the JPY in afternoon trade. Elsewhere, the market is gearing up for the central bank meetings of BoC and ECB later in the week, where both are expected to remain on hold for this month. For AUDUSD traders today, we see support remaining at 0.6500/25 on any further deterioration, with rallies likely to be capped through 0.6600/15 again.

Wall Street indices were mixed today with the S&P500 rising marginally as investors digested first look quarterly results and await additional releases later in the week. The DJI lost -0.3% over the session, while the S&P500 gained +0.1%, and the Nasdaq was up +0.1% as well.  Australian shares are set to open steady today.

Gold prices regained previous day losses, as investors re-assess the timeline for policy cues out of the Fed later this year and further data releases later this week.

Copper prices took back their previous session losses on discussions that China will release fresh stimulus to boost their economy. Iron ore futures gained on news that the China authorities were proposing further support to their flagging economy.

Brent Crude prices eased back as traders weighed up production outages in the US due to the weather and the ongoing Middle East and European conflicts, against the increasing crude supply out of Libya and Norway.



Open today 0.6580

Yesterday’s Range 0.6552 / 0.6612


Open today  0.6102

Yesterday’s Range 0.6622 / 0.6117


Yesterday’s Range 1.0773 / 1.0833


Yesterday’s Range 0.6035 / 0.6071


Yesterday’s Range 4.7018 / 4.7403


Yesterday’s Range 0.5168 / 0.5192


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Economic Calendar

JPY - Flash Manufacturing PMI
NZD - Credit Card Spending y/y
EUR - French Flash Manufacturing PMI
EUR - French Flash Services PMI
EUR - German Flash Manufacturing PMI
EUR - German Flash Services PMI
EUR - Flash Manufacturing PMI
EUR - Flash Services PMI
GBP - Flash Manufacturing PMI
GBP - Flash Services PMI
GBP - CBI Industrial Order Expectations
EUR - German Buba Monthly Report
CAD - BOC Monetary Policy Report
CAD - BOC Rate Statement
CAD - Overnight Rate
USD - Flash Manufacturing PMI
USD - Flash Services PMI
CAD - BOC Press Conference
USD - Crude Oil Inventories

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66124 0.65515
nzd/usd 0.6117 0.60617
aud/nzd 1.0833 1.08004
usd/jpy 148.695 146.976
usd/cad 1.34918 1.34529
eur/usd 1.0916 1.08214
gbp/usd 1.27471 1.26491
aud/eur 1.6556 1.64713
aud/jpy 97.815 97.091
Equities and Commodities
S&P 500 4872.59
DOW 37938.5
Nasdaq 100 17423.4
ASX200 7550.3
GOLD 2028.2
WTI 74.54

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.