Aussie jobs figures loom

September 17, 2020

A plethora of data is scheduled for publication today, with traders keenly awaiting the latest jobs data from Australia.

The EURUSD continued its tale of woe overnight, falling below $1.18. The pair opened the day at $1.18458 and was steady early, ticking up to a high of $1.18882 mid-session. Things headed south shortly afterwards, with the euro hitting a low of $1.17737 late in the day. The slide has continued in early Thursday trading, with the pair currently sitting at $1.17744. The GBPUSD put in another strong showing overnight after beginning the day at $1.28832. The pair slipped to lows of $1.28741 early but powered its way to a high of $1.30069 as it headed into late-session trading. It has come away from those highs and is now trading at $1.29355.

The Dow opened and closed rather flat, but the Fed meeting ensured there were some large moves in between. The index started the day at 29,039.09 and slid to a low of 27,962.84 shortly after the open. It began to build momentum from that point and spiked at the conclusion of the Fed meeting, peaking at 28,369.49. The gusto and bravado was short-lived however, with the Dow giving up just about all of those gains, closing at 28,062.19. It has struggled in early Thursday trading and is now at 27,991.30. The story was much the same for the Dax but it endured a bumpier ride. The German index began the day at 13,193.53 and dropped to lows of 13,170.69 in the first hour of the session. Bouncing off those lows, the Dax charged its way to a mid-session high of 13,277.79 before falling away to 13,180.33. The ride was not over for the Dax as it pushed its way back up to 13,266.88 before once again succumbing under the weight of a falling Dow, closing at 13,196.32. Like the Dow, the Dax has struggled in the early parts of Thursday’s session and is now sitting at 13,165.10.

Traders are turning their attention to the latest employment figures from Australia. Amid the pandemic and some of the world’s strictest lockdowns in some areas of the country, Australia is grappling with a rising unemployment rate and huge public debt. Things are not looking much better in the short-term, with the economy tipped to have shed 40,000 jobs over the previous month, while the Unemployment Rate is expected to lift from 7.5% to 7.7%.

Other data published today includes:

Australia – RBA Bulletin

Canada – ADP Non-Farm Employment Change

Japan – BoJ Policy Rate, Monetary Policy Statement and Press Conference

UK – BoE Official Bank Rate, Monetary Policy Summary and Asset Purchase Facility

Europe – Italian & Swiss Trade Balance, European Final CPI & Core CPI

US – Philly Fed Manufacturing Index, Unemployment Claims, Building Permits, Housing Starts, Natural Gas Storage

 

 

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