Market Watch APAC – 25th March 2024
The AUDUSD has opened the week in fairly orderly trading, after a fall of 0.8% on Friday and posts a second weekly loss. Chinese Chairman Li Qiang announced that Beijing was stepping up outs policy support for the economy in an attempt to stimulate growth. Australia has a number of economic data releases this week that could be of potential influence to the RBA rates decision, with February Retail sales and CPI , where the latter could influence the Central Bank outlook. The US calendar is a bit busier with Durable Goods, final Q4 GDP, Consumer Confidence over the course of the week and PCE Price index on Friday, which will land with lesser impact due to the fact that most major centres will be closed for the Good Friday holiday. The AUDUSD will be looking to consolidate above support at 0.6500/10 if it is to retain any near term neutral bias , while resistance around 0.6555/65 initially, will need to be hurdled, for it to regain any upward momentum.
Wall Street ended the day in mixed fashion and little changed from its previous session, though the S&P500 had its biggest weekly gain for the year to date. The DJI was lower -0.7%, S&P500 lost 0.1% and the Nasdaq up +0.2%. Australian shares are expected open steady today as investors digest all the Central Bank news from last week and the local market looks to the Australian inflation data release later in the week.
Gold prices retreated again with traders taking short term profits, all the while as the US-dollar gained, though the US Fed has re-affirmed its intention to cut interest rates this year this year.
Copper prices retreated for the day as traders locked in some short-term gains and US-dollar gains influenced the base metals interest. Dalian Iron ore prices set a weekly gain as signs of improved China consumption re-assure traders that demand is improving.
Brent Crude prices softened into the weekend, as the possibility for a ceasefire in the Middle East weakened benchmarks, though weekend developments in Russia could add a shockwave to supply.
| AUDUSD
Open today 0.6523 Yesterday’s Range 0.6510 / 0.6576 |
NZDUSD
Open today 0.6010 Yesterday’s Range 0.5990 / 0.6051 |
AUDNZD
Yesterday’s Range 1.0840 / 1.0874 |
| AUDEUR
Yesterday’s Range 0.6017 / 0.6052 |
AUDCNH
Yesterday’s Range 4.7287 / 4.7512 |
AUDGBP
Yesterday’s Range 0.5160 / 0.5192 |
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