Attention turns to Australia

October 15, 2020

A much busier day coming up, with focus shifting to the release of local economic data.

The EURUSD was mainly flat overnight after opening the day at $1.17419. Early trading was a non-event, with the euro dipping to a low of $1.17190 mid-session. That saw a bounce-back in the pair, with the euro climbing to a high of $1.17707 late in the day. It has come away from highs and is back near where it started yesterday, at $1.17432. Things were much different for the GBPUSD when it opened at $1.29349. After a slow start, the pair slid to lows of $1.28612 mid-session. However, that low seemed to trigger buyers to pile in as the pound surged to a late high of $1.30634. It has fallen away from those highs and is now trading at $1.30122.

Indices continue to falter, giving up gains made at the start of the week. The Dow opened the day at 28,690.80 and looked promising early, peaking at 28,846.96 mid-session. Late-trading saw the Dow give up those gains as it fell to a low of 28,462.44. It has come off those lows and is now trading at 28,566.30. The Dax began the day at 13,008.72 and climbed to a high of 13,066.87 mid-session. Like the Dow, the Dax gave up those gains over the back half of the session, bottoming-out at 12,948.87 before closing at 12,965.40.

Attention turns to Australia and the publication of jobs-related data. The Employment Change figure is expected to show that the country lost 38,000 jobs in the past month, while the Unemployment Rate is expected to tick up from 6.8% to 7%.

Other data published today includes:

China – CPI, PPI

Japan – Tertiary Industry Activity

UK – CB Leading Index, BoE Credit Conditions Survey, MPC Member Jon Cunliffe speaks

Canada – ADP Non-Farm Employment Change, Governing Council Member Timothy Lane speaks

Europe – EU Economic Summit, French Final CPI, Swiss PPI, ECB President Christine Legarde speaks

US – Unemployment Claims, Philly Fed Manufacturing Index, Empire State Manufacturing Index, Import Prices, Natural Gas Storage, Crude Oil Inventories, Federal Budget Balance, FOMC Members Robert Kaplan, Randal Quarles and Neel Kashkari speak

 

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