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Sharp Retracement

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JP Morgan Take on FOMC DOTs

AUSSIE
AUSSIE: AUD/USD sinks again, despite briefly trimming losses on the back of the
latest jobs report out of Oz. The uptick in unemployment was more modest than
expected, with jobless rate rising to 5.2% from 5.1%. Employment swelled by 5.9k
vs. exp. of a 30.0k decline, while participation was steady at 66.0% vs. exp. of
a fall to 65.9%. The increase in employment was driven by part-time positions,
with full-time jobs edging lower. Underemployment & underutilisation increased.
That being said, the data must be taken with a huge pinch of salt as the
reference period was 1-14 March. See an earlier AUSTRALIA bullet for details.
- AUD/USD sits -42 pips at $0.6277, off earlier lows. Familiar technical levels
remain in play.
- AUD/NZD trades flat at NZ$1.0548 as we type, with the kiwi earlier hit by
selling pressure on the back of RBNZ comments. Bulls look to clear the NZ$1.0600
mark, while bears keep an eye on the 200-DMA at NZ$1.0507.
- AUD/JPY sits -14 pips at Y67.76. Bears target the 23.6% retracement of the Mar
19 - Apr 14 rally at Y67.06, while bulls take aim at the 50-DMA at Y69.03.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com