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A$ Drops On Disappointing Jobs Data, US Retail Sales Coming Up

AUD

AUDUSD was trending higher reaching a high of 0.6501 before the disappointing Australian labour market data. It then fell to 0.6482 and a stronger greenback has driven it lower reaching a trough of 0.6478. It is currently 0.1% softer on the day at 0.6485 finding some support from stronger equities. The USD index is little changed.

  • Aussie is also weaker against other major currencies. AUDJPY is down 0.3% to 97.44, off the 97.32 trough. AUDNZD continues to struggle falling to 1.0661. AUDEUR is down 0.1% to 0.6046 and AUDGBP -0.1% to 0.5161.
  • Australian data has been mixed today with the unemployment rate rising 0.15pp to 4.1%, but inflation expectations steady at 4.5% and CBA household spending insights rising 3.1% m/m to be up 3.6% y/y.
  • Equity markets are rallying across most of the region with the ASX up 0.8% and the Hang Seng +0.5%. The S&P e-mini is unchanged. Oil prices are down moderately with WTI down 0.6% to $76.20/bbl. Copper is up 0.2% and iron ore is trading around $128.50/t.
  • Later the Fed’s Waller speaks on the US dollar, ECB’s Lagarde and Lane and BoE’s Mann and Greene also speak. Retail sales, trade prices, Philly & Empire indices, jobless claims, IP and NAHB housing index all print in the US. UK Q4/December GDP, IP and trade are released.
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