Asia FX Handover - AU Employment Was The Highlight Of A Quiet Session
Matt Simpson May 16, 2019 1:03 AM
- Australian unemployment hit an 8-month high and employment data underwhelmed seeing calls for a June cut resurface. Still, AUD/USD defended 69c and could see a minor bounce.
- AUD and NZD are the weakest majors, JPY and EUR are the strongest. AUD provided the bulk of volatility among FX majors although losses have been pared.
- It was a mixed picture across equities with trade tensions now thawing. Japanese share markets traded lower on weak earnings, led by energy, basic materials and industrials. The ASX 200 touched a 3-day day high, led by energy stocks. Still, we expect gains to be limited as we approach the weekend with Sunday’s federal election on tap. Index futures have ticked mostly lower.
- GBP/USD trades in a narrow range around 1.2850 after breaking April’s low yesterday. Bitcoin is back below 8k after flirting with July’s high, USDCNH continues to coil below 6.92 resistance. US10Y traders around 2.37% after finding support just above March’s low. USD/JPY is coiling below 109.70, a level which could provide pivotal over the near-term.
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