Market Watch APAC – 29th April 2024
The AUDUSD continued its climb higher against the US-dollar, as New York session got underway, but slid back from the 0.6550’s as US Treasury yields gained and US-dollar rallied. A late push higher for Gold and equites rallying stalled the AUDUSD slide and buyers emerged for the pair once again. Equity markets in Asia are likely to take favour from Wall Street moves and give risk currencies a platform to post gains in the session today. A few economic releases from the US this week will have analysts attention. Also of note has been the persistent decline of the JPY against the US-dollar which has seen the USDJPY pair reach a 34-year high, where markets have been expecting MoF intervention to support the JPY, but it has yet to show its hand. For the AUDUSD today the technical lean bullish with RSI’s lifting and short term moving averages suggesting support. Sitting behind the current trading levels, the 0.6450/75 zone should offer a fair bit of support this week and a break of 0.6560’s should draw further interest to 0.6615/20 zone, while the notion that Australian interest rates will remain higher for longer than other countries is supportive for the AUD.
Wall Street stocks ended higher for the day, after positive company earnings releases from tech heavyweights, Alphabet and Microsoft, in addition to moderate inflation data for the US. The DJI gained +0.4%, S&P500 gained +1% and the Nasdaq up +2%. Australian shares are expected to open higher following the Wall Street move and supportive gains from commodity prices pushing mining and energy sectors higher.
Gold prices remained firm for the day, though still carrying weekly losses for the lustre metal as data showed US inflation rose in line with expectations and Middle East tensions appear to have subsided somewhat, relaxing the demand for safe haven assets.
Copper prices held firm for the day and tipped a 2-year high at $10,033.50 before subsiding back under the $10k level. The Dalian Commodity exchange Iron Ore futures remained firm into the session close as hints of improving demand from China offset portside inventories
Brent Crude prices settled higher, as traders remain wary of Middle East disruptions, but strong US-dollar helped to cap notable gains.
| AUDUSD
Open today 0.6620 Yesterday’s Range 0.6516 / 0.6556 |
NZDUSD
Open today 0.5944 Yesterday’s Range 0.5930 / 0.5969 |
AUDNZD
Yesterday’s Range 1.0933 / 1.1004 |
| AUDEUR
Yesterday’s Range 0.6073 / 0.6116 |
AUDCNH
Yesterday’s Range 4.7304 / 4.7613 |
AUDGBP
Yesterday’s Range 0.5207 / 0.5239 |
