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February 16, 2023 10:20 GMT
AUD Recoups Jobs-Inspired Losses
FOREX
- AUD saw early pressure in Asia-Pac trade on the back of a poorer-than-expected January jobs data release, with employment change dropping 11.5k vs. an expected gain of 20k positions. AUD/USD dropped to 0.6868 upon release, before the pair stabilised well through the European open as markets coined the stronger underlying tone in the jobs release, with seasonal factors helping contribute to the outsized portion of the workforce falling into the 'unemployed with a job to go to' cohort.
- As a result, AUD/USD has staged a near 50 pip recovery off the lows, although the Wednesday highs remain a way off for now.
- The USD trades softer headed through to the NY crossover, but has only faded slightly off yesterday's highs, which marked the strongest level for the USD Index since early January. The 50-dma remains carefully watched for direction, currently moderating its downtrend at 103.365.
- GBP trades slightly firmer, as markets close off positions after yesterday's CPI-inspired downtick. EUR/GBP is back in negative territory after a solid rally on Wednesday. 0.8816 marks first support ahead of 0.8804 and vol-band based support at 0.8790.
- US PPI for January is the data highlight Thursday, released alongside weekly jobless claims and housing starts/building permits. The speaker slate will likely garner more attention, with Fed's Mester, Bullard & Cook all due as well as ECB's Nagel, Lane, Makhlouf & Stournaras and BoE's Pill.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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