Marketwatch APAC

Daily Insights
March 19, 2024

Market Watch APAC – 20th March 2024


The AUDUSD retreated yesterday after the RBA meeting, where as expected, they left the cash rate at 4.35%, but the accompanying statement removed the hawkish bias to neutral, by removing the wording “a further increase in interest rates cannot be ruled out” and replacing with “the Board is not ruling anything in or out”. The AUDUSD fell to 0.6532 on the news and deteriorated a little further during London, before the US picked it up from the lows overnight. AUDJPY buyers have helped the Aussie, as carry trades against most of the G10, were re-instated after the BoJ announced financial conditions will remain accommodative, though raising the policy rate range to 0-0.1% (first hike in 17 years) and removed the yield curve control program, pledging to keep buying long-term government bonds. A firm gold price and improved risk sentiment with equities advancing has also added to the support for the AUDUSD pair. Trader focus now turns to the US-dollar performance, awaiting the FOMC decision and Fed Chair Powell’s accompanying statement. The dollar is broadly stronger but expect a bit of noise around the day’s sessions as traders position for the FOMC. From a technical perspective for the AUDUSD , resistance now sits at 0.6555/60 and support at the 0.6500/10 will be closely monitored.

Wall Street indices all gained for the day, as the markets position ahead of the Fed meeting outcome tomorrow. The DJI was up +0.8%, S&P500 gained +0.5% and the Nasdaq up +0.4%.  Australian shares are expected to open slightly firmer today, tracking the rise in commodities, supporting the mining and energy sectors.

Gold prices retreated slightly for the day in response to a firmer US-dollar, as investors await the outcome of the US Fed meeting tomorrow.

Copper prices eased as profit-takers weighed on the market, ahead of the US Fed meeting results tomorrow and a firmer US-dollar. Dalian Iron ore prices added another positive day as growing interest in restocking from China, in part due to more optimistic economic data.

Brent Crude prices returned another positive day, as players asses the damage to Russian refineries following the latest Ukraine attacks.



Open today 0.6532

Yesterday’s Range 0.6504 / 0.6564


Open today  0.6052

Yesterday’s Range 0.6034 / 0.6089


Yesterday’s Range 1.0762 / 1.0795


Yesterday’s Range 0.5995 / 0.6036


Yesterday’s Range 4.6909 / 4.7299


Yesterday’s Range 0.5127 / 0.5157


We hope you have found our expertly curated MarketWatch analysis useful in navigating the ever-changing FX landscape. To enhance our services and make sure you receive the most relevant and timely insights we have recently made some exciting updates to our newsletter.

To continue receiving our curated MarketWatch insights, we kindly request you resubscribe to our mailing list here:

Economic Calendar

CNY - 1-y Loan Prime Rate
CNY - 5-y Loan Prime Rate
EUR - German Buba President Nagel Speaks
CNY - Foreign Direct Investment ytd/y
EUR - German PPI m/m
GBP - CPI y/y
GBP - Core CPI y/y
GBP - PPI Input m/m
GBP - PPI Output m/m
GBP - RPI y/y
EUR - ECB President Lagarde Speaks
EUR - Italian Industrial Production m/m
GBP - HPI y/y
EUR - German 30-y Bond Auction
AUD - CB Leading Index m/m
USD - Crude Oil Inventories
EUR - Consumer Confidence
CAD - BOC Summary of Deliberations
USD - Federal Funds Rate
USD - FOMC Economic Projections
USD - FOMC Statement
USD - FOMC Press Conference
NZD - GDP q/q
AUD - Flash Manufacturing PMI
AUD - Flash Services PMI
JPY - Trade Balance

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65637 0.65039
nzd/usd 0.60826 0.6034
aud/nzd 1.07944 1.07504
usd/jpy 150.96 148.974
usd/cad 1.36133 1.35347
eur/usd 1.08764 1.08347
gbp/usd 1.2733 1.26676
aud/eur 1.66799 1.65678
aud/jpy 98.61 97.558
Equities and Commodities
S&P 500 5185.62
DOW 39160.1
Nasdaq 100 18060
ASX200 7717.28
GOLD 2157
WTI 83.43

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.