Marketwatch APAC

Daily Insights
March 5, 2024

Market Watch APAC – 6th March 2024

Overnight, the release of the US ISM Services data has come in under expectations and pushed the US-dollar lower against most of the majors. In particular it was the employment component that contracted and doesn’t bode well for the ADP Employment change and JOLTS releases tonight. These results gave the antipodean currencies, Aussie and Kiwi, a bit of a lift from session lows, but overall sideways within familiar ranges. Our data calendar sees the release of Australian Q4 GDP today, as well as Building Approvals for January. Markets are also preparing for the US Non-farm Payrolls and Powell’s Congressional Testimony , plus the ongoing China National People’s Congress that is reporting stimulus outcomes for their economy.  US non-farm payrolls are tipped to soften to 200k from 353k. Along with favourable local data, the AUDUSD will be looking for a weaker US jobs report to spark momentum for a rally. Daily ranges are expected to remain contained initially, with any rallies stalling into 0.6545/50 and any further retracement lower , will look for the support at the 0.6450/80 zone.

Wall Street stocks dropped for the day, as major tech stocks eased and investors continue to position ahead of Fed Chair Jerome Powell’s congressional testimony and the US jobs data due out tonight. The DJI was down -1.0%, S&P500 shed -1.1% and the Nasdaq was down -1.9%. Australian shares are expected to open softer today led in part by softer energy commodities and  investors remain cautious over iron ore and oil prices while continuing to  monitor the pulse of China’s economic activity for further signs that could weigh on the mining sector.

Gold prices rally higher once again for the day, as investors sway their expectations that there will be a US rate cut by June and attracted safer haven flows away from the US-dollar due to the conflict in the Middle East.

Copper prices retreated, as investors remain attentive to outcomes from the China National People’s Congress taking place this week and await further data releases from the US on the state of their economy as well. Dalian Iron ore prices were range bound with near-date futures ending with modest gains, as investors mull over the latest economic targets arising from the China National Peoples Congress this week.

Brent Crude prices fell, as market skepticism prevails over whether China will be able to achieve their economic targets in the short-term. Brent settled at $82.04 / bbl, -0.9%.



Open today 0.6503

Yesterday’s Range 0.6478 / 0.6521


Open today  0.6087

Yesterday’s Range 0.6071 / 0.6110


Yesterday’s Range 1.0665 / 1.0695


Yesterday’s Range 0.5972 / 0.6000


Yesterday’s Range 4.6716 / 4.7011


Yesterday’s Range 0.5110 / 0.5132


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Economic Calendar

AUD - GDP q/q
EUR - German Trade Balance
GBP - Construction PMI
EUR - Retail Sales m/m
USD - ADP Non-Farm Employment Change
CAD - Labor Productivity q/q
GBP - Annual Budget Release
CAD - BOC Rate Statement
CAD - Overnight Rate
CAD - Ivey PMI
USD - Fed Chair Powell Testifies
USD - JOLTS Job Openings
USD - Final Wholesale Inventories m/m
CAD - BOC Press Conference
USD - Crude Oil Inventories
USD - FOMC Member Daly Speaks
USD - Beige Book
NZD - Manufacturing Sales q/q
JPY - Average Cash Earnings y/y

Market Indicators

Currency Pairs
Pair High Low
aud/usd 0.65209 0.64773
nzd/usd 0.61098 0.60709
aud/nzd 1.06941 1.06629
usd/jpy 150.545 149.701
usd/cad 1.3605 1.35547
eur/usd 1.08758 1.084
gbp/usd 1.27347 1.26709
aud/eur 1.67441 1.66674
aud/jpy 97.971 97.426
Equities and Commodities
S&P 500 5084.07
DOW 38583.1
Nasdaq 100 17937.1
ASX200 7716.78
GOLD 2129.32
WTI 78.16

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.