Market Watch APAC – 18th March 2024
The AUDUSD suffered a 1% set-back last week, as the US-dollar enjoys one of it’s best weeks in a couple of months. It has been testing the support around 0.6550/60 and a break there would open up a move back to 0.65-cents. Aussie traders will be positioning ahead of the key events of RBA meeting tomorrow and the Employment data on Thursday. Also out this week are the Central bank decisions from the US Fed , the Bank of Japan (BoJ), Bank of England (BoE) and Norges Bank that will be closely watched. The China retail sales today might be one to watch for day-traders with further concerns over the China economic performance said to be a drag on the Aussie. From a technical perspective the AUDUSD will be watching that support at support at 0.6550/60, and gains met with supply at the 0.6635/40 zone initially.
Wall Street saw US stock prices fall into the weekend, with the tech sector still leading the way, and the markets mulling over the interest outlook for the Fed ahead of this weeks two day meeting. The DJI was down -0.5%, S&P500 lost -0.7% and the Nasdaq down nearly -1.0%. Australian shares are expected to open lower today, as commodities, such as iron ore, weigh on the mining sector.
Gold prices logged a week decline as investors favoured the US central bank holding off on rate cuts any time soon.
Copper prices advanced nearly 2% on fund based buying, though some traders remained cautious over the demand prospects in China and expected them to remain lack lustre. Dalian Iron ore prices closed out the week with another negative day, as weak demand expectations in China, weigh on the market.
Brent Crude prices retreated from intraday highs over $85/bbl and weekly gains of over 3% as US refinery demand encourages investor outlook.
| AUDUSD
Open today 0.6567 Yesterday’s Range 0.6552 / 0.6582 |
NZDUSD
Open today 0.6088 Yesterday’s Range 0.6081 / 0.6131 |
AUDNZD
Yesterday’s Range 1.0734 / 1.0789 |
| AUDEUR
Yesterday’s Range 0.6019 / 0.6046 |
AUDCNH
Yesterday’s Range 4.7207 / 4.7389 |
AUDGBP
Yesterday’s Range 0.5143 / 0.5162 |
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