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A$ Continues To Struggle After Disappointing Employment Data

AUD

AUD: A$ Continues To Struggle After Disappointing Employment Data

After trending lower during the NY session, AUDUSD has taken another step down in response to the disappointing December Australian labour market report. It has broken through the January 13 low and is currently trading around 0.6900, down 0.6%. The next level to watch is 0.6860, the January 9 low.

  • Employment in December disappointed. See Jobs Growth Disappoints But Remains Tight, Coming Months Key.
  • A chunky 0.6900 option expiry tomorrow could also be influencing spot.
  • Aussie is also down against the majors with AUDJPY down 0.9% to 88.73, AUDNZD -0.3% to 1.0745, AUDGBP -0.4% to 0.5600 and AUDEUR -0.5% to 0.6398.
  • The ASX bounced (+0.5%) on the disappointing jobs data as rate hike expectations eased. The rest of the region is mixed with the Nikkei down 1.1%, CSI 300 -0.2% but the Kospi +0.2%. WTI oil has continued lower after hawkish Fed comments down -1.3% to $78.45/bbl. While copper is lower, iron ore is stronger at around $124/t.
  • Later US building permits and housing starts plus jobless claims and the Philly manufacturing survey are published. ECB’s Lagarde is scheduled to speak.
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