Market Watch APAC – 27th March 2024
The AUDUSD traded off its daily highs as the US-dollar firmed up and gold and equities prices deteriorated. During Asia, the Aussie had been tracking the stronger CNH after the fixing came in stronger. Monthly and quarterly end flows have been favouring the US-dollar overnight, while markets await the US data for Feb PCE and weekly jobless claims. Locally today we get a look at the Australian Feb CPI yoy, which economists are expecting a growth to 3.5% from 3.4% published in January. This in turn would suggest that the RBA keeps rates higher for longer in the current cycle and see some influence to the Australian Dollar. The AUDUSD will be looking to continue consolidating above support at 0.6500/10 if it is to retain its current neutral bias , while resistance around 0.6555/65 initially, will need to be hurdled, for it to gather any upward momentum.
Wall Street indices ended the day just in the red after earlier strength was unwound as investors sit sideline awaiting the next round of US economic data. The DJI was lower -0.05%, S&P500 lost -0.3% and the Nasdaq lower -0.4%. Australian shares are expected open slightly lower again today, as investors await the Australian CPI release for clues as to the Central Bank influence for interest rates this year.
Gold prices marked just minor gains, as investors look to up-coming US inflation figures as to an indication for when the US Fed will cut interest rates this year.
Copper prices retreated as investors remain cautious over signals of demand recovery in China. LME Copper was down just -0.1% by close. Dalian Iron ore prices gave back previous session gains as traders turned wary of the downstream steel consumption in leading consumer China. The Dalian May contract was -3.7% lower at daytime close.
Brent Crude prices ended the day just negative, after traders adopted a mixed view as to the impact of Russian refinery capacity following the recent Ukraine attacks.
| AUDUSD
Open today 0.6533 Yesterday’s Range 0.6530 / 0.6559 |
NZDUSD
Open today 0.6004 Yesterday’s Range 0.5996 / 0.6031 |
AUDNZD
Yesterday’s Range 1.0869 / 1.0902 |
| AUDEUR
Yesterday’s Range 0.6027 / 0.6043 |
AUDCNH
Yesterday’s Range 4.7332 / 4.7521 |
AUDGBP
Yesterday’s Range 0.5168 / 0.5183 |
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