MARKET DEVELOPMENT US Dollar, GBP/USD, AUD/USD Analysis
USD: The US Dollar remains rampant as the index heads towards 100 with mains of the gains relatively broad based. As such, the jump in GBP following better than expected retail sales had been somewhat short-lived, while the Japanese Yen continues to trade on the backfoot, having hit its highest level since April 2019.
| Change in | Longs | Shorts | OI |
| Daily | 0% | -17% | -6% |
| Weekly | -1% | -4% | -2% |
AUD: The Australian Dollar is among the underperformers against the greenback following a relatively lacklustre employment report. Despite showing a firm rise in full-time employment, which produced a better than expected headline number of 13.5k (Exp. 10k). The main focus is on the unemployment rate, which rose to 5.3% (Exp. 5.2%) and thus keeps further easing from the RBA on the horizon, particularly with indicators suggesting that risks remain tilted to additional upside in the unemployment rate.
Australian Jobs Growth Continues to Fall
Upside Risks in Unemployment Rate Persist
Source: DailyFX, Refinitiv
Economic Calendar (20/02/20)
Source: DailyFX,
WHATβS DRIVING MARKETS TODAY
- βEuro Price Analysis: EUR/USD May be Oversold in The Short-Termβ by Nick Cawley, Market Analyst
- βUSD/JPY β US Dollar Explosion vs Japanese Yen; Is it Sustainable?β by Paul Robinson, Currency Strategist
- βDow Jones Forecast: Key Levels to Watchβ by Justin McQueen, Market Analyst
--- Written by Justin McQueen, Market Analyst
Follow Justin on Twitter @JMcQueenFX
