Marketwatch APAC

Daily Insights
March 12, 2024

Market Watch APAC – 13th March 2024


The US CPI release came in slightly higher than expected, though not as much as had been feared by markets. Consumer Inflation came in at 0.4% for February, amid higher costs for gasoline and shelter. In the twelve months to February the CPI increased by 3.2% just above expectations of 3.1%. US Treasuries advanced following the release as investors factor in a higher for longer stance on interest rates by the Fed. The US-dollar has advanced against the Euro, Yen, CAD and the antipodeans as a result, but still hugging recent range levels. The Aussie reaction to the data release was immediately lower however, it has recovered back over 0.66-cents into the close and holds familiar ranges. With no significant local economic data due for Australia today, traders will monitor the USDCNH moves and the US Retail Sales tomorrow for any immediate direction. From a technical perspective , support for AUDUSD remains at 0.6545/55, should we see further pullback and gains will be met with supply at the 0.6665/70 zone initially and 0.6700/10 behind offering further resistance.

Wall Street stocks rallied, as investor expectations remained on track for the US Fed to embark on rate cuts in the coming months. The DJI was up +0.6%, S&P500 pushed higher +1.1% setting a new high and the Nasdaq rose +1.5%. Australian shares are expected to open firmer today, tracking global stocks following the release of the US CPI , though commodity sector shares could weigh on the index.

Gold prices dropped over 1% after the US inflation data dimmed this market’s expectations that the US Fed will hasten its interest rate expectations any time too soon.

Copper prices traded flat for the day as markets digest the US inflation data. Dalian Iron ore prices lower once again, as weak production sentiment hampers raw material demand in leading consumer China.

Brent Crude prices settled lower for the day as markets assessed the latest US inflation data and a higher than expected forecast for US crude production.



Open today 0.6606

Yesterday’s Range 0.6584 / 0.6639


Open today  0.6151

Yesterday’s Range 0.6137 / 0.6184


Yesterday’s Range 1.0707 / 1.0746


Yesterday’s Range 0.6029 / 0.6067


Yesterday’s Range 4.7276 / 4.7635


Yesterday’s Range 0.5156 / 0.5185


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Economic Calendar

EUR - German WPI m/m
GBP - GDP m/m
GBP - Construction Output m/m
GBP - Goods Trade Balance
GBP - Index of Services 3m/3m
GBP - Industrial Production m/m
GBP - Manufacturing Production m/m
EUR - Italian Quarterly Unemployment Rate
GBP - 10-y Bond Auction
EUR - German 10-y Bond Auction
EUR - Industrial Production m/m
CNY - New Loans
CNY - M2 Money Supply y/y
GBP - NIESR GDP Estimate
USD - Crude Oil Inventories
USD - 30-y Bond Auction
NZD - Visitor Arrivals m/m

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.66388 0.65843
nzd/usd 0.61846 0.61245
aud/nzd 1.07409 1.07119
usd/jpy 148.178 146.617
usd/cad 1.35254 1.34664
eur/usd 1.09438 1.09017
gbp/usd 1.28234 1.27321
aud/eur 1.65591 1.6481
aud/jpy 97.701 97.012
Equities and Commodities
S&P 500 5176.22
DOW 39012.8
Nasdaq 100 18209.2
ASX200 7721.05
GOLD 2156.36
WTI 77.75

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.