Aussie Tumbles after Poor Job Data, Dollar Recovering on Risk Aversion
| Action Insight Daily Report 1-19-23 |
Aussie Tumbles after Poor Job Data, Dollar Recovering on Risk Aversion |
Australian Dollar tumbles broadly today after weaker than expected job data. Overall risk-off sentiment is also pressuring commodity currencies. On the other hand, Yen and Swiss Franc are strengthening together with Dollar. As for the week, Swiss Franc and Sterling are currently the best performer, thanks to additional support from buying against Euro. Aussie and Canadian are the worst while Dollar and Euro are mixed with Yen. Technically, USD/CAD's break of 1.3451 minor resistance argues that pull back from 1.3704 has completed at 1.3302, well ahead of 1.3223 low. Further rally should be seen back to retest 1.3704 resistance. Firm break there will resume the rebound from 1.3223. Let's see if such development will come with more rebound in Dollar, at least against other commodity currencies. In Asia, at the time of writing, Nikkei is down -1.52%. Hong Kong HSI is down -0.03%. China Shanghai SSE is up 0.19%. Singapore Strait Times is down -0.44%. Japan 10-year JGB yield is down -0.0153 at 0.407. Overnight, DOW dropped -1.81%. S&P 500 dropped -1.56%. NASDAQ dropped -1.24%. 10-year yield dropped -0.160 to 3.375. |
AUD/USD Daily Report Daily Pivots: (S1) 0.6897; (P) 0.6980; (R1) 0.7025; More... AUD/USD dropped notably after hitting 0.7062 and intraday bias is turned neutral first. Some consolidations could be seen but further rally is in favor as long as 0.6721 support holds. Above 0.7062 will resume rise from 0.6169 to 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7168 next. However, firm break of 0.6721 will indicate short term topping, and turn bias back to the downside. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 23:50 | JPY | Trade Balance (JPY) Dec | -1.72T | -1.63T | -1.73T | -1.78T | | 00:01 | GBP | RICS Housing Price Balance Dec | -42% | -30% | -25% | -26% | | 00:30 | AUD | Employment Change Dec | -14.6K | 21.2K | 64.0K | 58.3K | | 00:30 | AUD | Unemployment Rate Dec | 3.50% | 3.40% | 3.40% | 3.50% | | 07:30 | CHF | Producer and Import Prices M/M Dec | -0.40% | -0.50% | | 07:30 | CHF | Producer and Import Prices Y/Y Dec | 3.10% | 3.80% | | 09:00 | EUR | Eurozone Current Account (EUR) Nov | -11.6B | -0.4B | | 12:30 | EUR | ECB Meeting Accounts | | 13:30 | CAD | Wholesale Sales M/M Nov | 2.00% | 2.10% | | 13:30 | USD | Initial Jobless Claims (Jan 13) | 212K | 205K | | 13:30 | USD | Building Permits Dec | 1.37M | 1.34M | | 13:30 | USD | Housing Starts Dec | 1.36M | 1.43M | | 13:30 | USD | Philadelphia Fed Manufacturing Survey Jan | -11.2 | -13.8 | | 15:30 | USD | Natural Gas Storage | -76B | 11B | | 16:00 | USD | Crude Oil Inventories | -2.1M | 19.0M |
|
|
|
