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AUD/USD Rises, RBA Rate Cut Bets Slashed, EUR/USD Tests Support - US Market Open

AUD/USD Rises, RBA Rate Cut Bets Slashed, EUR/USD Tests Support - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT –AUD/USD & EUR/USD Analysis

AUD: A better than expected jobs report led by an increase in part-time workers has boosted the Australian Dollar, up 0.3% against the greenback. More importantly, the unemployment rate fell to 5.1%, better than the RBA’s forecast of 5.2%. Subsequently, this has seen money markets reduce expectations of a February rate cut to 28% from 58%. That said, labour market indicators (job ads) signal that downside risks remain for the Australian labour market, as such, while today’s report has offered some flexibility for the RBA, further easing remains possible.

AUD/USD Rises, RBA Rate Cut Bets Slashed, EUR/USD Tests Support - US Market Open

EUR: ECB meeting failed to provide much in the way of fireworks for the Euro with the central bank maintaining its current monetary policy stance. Much of the focus is on the ECB’s Strategic Review, which is expected to be concluded by the end of the year. Looking ahead, focus is on the upcoming Eurozone PMIs and Italian elections over the weekend. Key levels to watch in EUR/USD

AUD/USD Rises, RBA Rate Cut Bets Slashed, EUR/USD Tests Support - US Market Open

Source: DailyFX, Refinitiv

Economic Calendar (23/01/20)

AUD/USD Rises, RBA Rate Cut Bets Slashed, EUR/USD Tests Support - US Market Open

Source: DailyFX,

WHAT’S DRIVING MARKETS TODAY

  1. USD/CNH Price Analysis - Chinese Yuan Slump Continues as Coronavirus Fears Escalate” by Nick Cawley, Market Analyst
  2. Dow Jones and S&P 500 Forecasts for the Day Ahead” by Justin McQueen, Market Analyst
  3. Euro Dollar Forecast: Key EUR/USD Levels to Watch” by Justin McQueen, Market Analyst

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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