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Caution Prevails, AUD Draws Little Benefit From Strong Australian Jobs Report

FOREX

Participants have opted to shy away from riskier currencies amid lingering sense of caution. News flow has been relatively light, with latest headlines pointing to a statement from the Five Eyes coalition criticising China for its Hong Kong policies & outlining the need for the EU to prepare no-deal Brexit contingency plans. Safe havens lead gains in G10 FX space as we type. The DXY has erased yesterday's losses, as the greenback outperforms all of its peers from the basket, save for JPY.

  • A strong jobs report out of Australia provided but some very modest support to AUD, amid expectations that the data will not have much impact on the RBA's monetary policy. AUD/NZD popped into positive territory upon the release of the report.
  • In Asia, USD/CNH has shed the bulk of its earlier gains as we await the latest daily PBoC fix. USD/KRW bounced off cycle lows printed yesterday, owing to the broader risk-off feel.
  • U.S. initial jobless claims, existing home sales & Philly Fed Biz. Survey, Swedish unemployment and speeches from Fed's Bostic, Mester & Rosengren, ECB's Lagarde, Villeroy, de Cos & Schnabel take focus today. EM central bank activity picks up, with MonPol decisions from BI, BSP, SARB & CBRT coming up.
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