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Risk sentiment has improved a bit since late Friday bounce in the stock markets. USD/CAD spiked 80 pips after weak jobs report on that day but gave it all back and is currently trading below the pivotal 1.26 level. 1.25 is the initial support and 1.27 the first stronger resistance.
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Kiwi pulling back after weak jobs report
Kiwi sold off earlier today as New Zealand jobs report came in weaker than expected. The country's labour market is in a pretty good shape still, the minor pullback in Employment Change came after six quarters of expansion.
As commitments of traders report shows, speculators have grown longs to a record level. Some of those who traded the break above 0.74 would probably want to reassess their positions. 0.7375 could be the first stronger support.
As commitments of traders report shows, speculators have grown longs to a record level. Some of those who traded the break above 0.74 would probably want to reassess their positions. 0.7375 could be the first stronger support.
Cable tests top of the recent range
Cable had a splendid run and is settling for the best week in at least a year. It broke range top near 1.50 but was rejected ahead of 50 DMA and then retraced back into the range. However, with the close near the high, it appears poised for continuation.
UK jobs report was mixed but still solid with unemployment level ticking down to 5.6% from 5.7% (lowest level since 2008) and encouraging wage growth, particularly ex-bonus.
Further direction will mostly depend on whether USD pullback will conti…
UK jobs report was mixed but still solid with unemployment level ticking down to 5.6% from 5.7% (lowest level since 2008) and encouraging wage growth, particularly ex-bonus.
Further direction will mostly depend on whether USD pullback will conti…
Aussie get some relief
Aussie surged overnight on a much better than expected jobs report:
Employment Change: 37.7K vs. 14.9K expected vs. 42.0K previously (revised up from 15.6K)
Unemployment Rate: 6.1% vs. 6.3% expected vs. 6.2% previously (revised down from 6.3%)
Participation Rate: 64.8% vs. 64.6% expected vs. 64.7% previously (revised up from 64.6%)
In addition, most jobs added were full time jobs.
Market is beginning to question widely expected RBA rate cut in May, but appears to be cautious as the follow throug…
Employment Change: 37.7K vs. 14.9K expected vs. 42.0K previously (revised up from 15.6K)
Unemployment Rate: 6.1% vs. 6.3% expected vs. 6.2% previously (revised down from 6.3%)
Participation Rate: 64.8% vs. 64.6% expected vs. 64.7% previously (revised up from 64.6%)
In addition, most jobs added were full time jobs.
Market is beginning to question widely expected RBA rate cut in May, but appears to be cautious as the follow throug…