Market Watch APAC – 18th April 2024
The US-dollar retreated for the first session in six as US Treasury yields eased. All the G10 currencies have recovered from their recent lows against the dollar, with the AUDUSD managing to regain ground near 0.6450’s with the rebound in base metal prices and gold. On the local calendar today we have the release of the Australian Employment data which is expected to show a slowdown in jobs over March after a stronger than expected number was seen in February. The AUDUSD moves have stagnated the fall, but look for intraday interests to sell into this strength for now. There are continuing geopolitical tensions that will favour the US-dollar and could drive it higher. The 0.6450’s level on the Aussie has been an important pivot in the last few months and will be closely monitored for direction in the coming sessions.
Wall Street stocks were mixed again with investors digesting the latest comments from the Fed and some worrying signs for softer earning reports as the season starts up. The DJI gained +0.03%, S&P500 down -0.3% and the Nasdaq slid -0.7%. Australian shares are expected to open steady today, after a couple of negative sessions, with base metals and gold recovering though lingering tensions in the Middle East have investors taking a more cautious view.
Gold prices trade near their record high as elevated tensions in the Middle East conflicts maintain safe haven interests for lustre metals.
Copper prices have been trading a little bit rudderless, lately but managed a gain of +1.2% on the LME as the US-dollar eased. The Dalian Commodity exchange saw Iron ore prices recovered previous session losses as the steel market improved in China and along with an improved outlook.
Brent Crude prices settled lower by 3% for the day after a rise in US commercial inventories and progress on Ukraine and Israel aid bills with the US.
| AUDUSD
Open today 0.6435 Yesterday’s Range 0.6400 / 0.6446 |
NZDUSD
Open today 0.5917 Yesterday’s Range 0.5861 / 0.5925 |
AUDNZD
Yesterday’s Range 1.0861 / 1.0921 |
| AUDEUR
Yesterday’s Range 0.6022 / 0.6047 |
AUDCNH
Yesterday’s Range 4.6490 / 4.6700 |
AUDGBP
Yesterday’s Range 0.5147 / 0.5172 |
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