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Post-Jobs Data Gains Evaporate On Broader Risk Rout

AUD

AUD/USD has now fully erased gains registered on the back of Thursday's labour market report. The pair surged after jobs data hit the wires, with several desks providing hawkish revisions to their RBA tightening calls. The rally was capped by the 100-DMA at $0.7281 and AUD/USD turned its tail in U.S. hours, as risk sentiment turned sour, undermined by continued concerns over the implications of imminent Fed tightening.

  • The pair has extended losses as Sydney players returned to the market, with Wall Street woes spilling over into Asia-Pac equity markets. AUD/USD trades at $0.7202, down 24 pips on the day, with bears eyeing Jan 18 low of $0.7170. A break under that level would open up Jan 7 low of $0.7130. On the flip side, a move through Jan 20 high of $0.7277 would shift focus to Jan 13 high of $0.7314.
  • Western Australia decided to indefinitely postpone reopening borders, which had been slated for February 5. Premier McGowan cited the spread of Omicron as a reason to keep the state sealed off for longer, drawing criticism from federal Treasurer Frydenberg. On the east coast, NSW Premier Perrottet pointed to "reassuring signs" provided by dips in hospitalisations and intensive care admissions, as he called lockdown "not the right approach at all for where we sit currently."
  • The main focus next week will fall on quarterly CPI figures, due Tuesday. NAB Business Confidence will hit the wires on the same day, with PPI data coming up on Friday.
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