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Aussie, NZ Dollars Rise as US Jobs Data Scatters Fed Rate Hike Bets

Aussie, NZ Dollars Rise as US Jobs Data Scatters Fed Rate Hike Bets

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Aussie, Kiwi Dollars Rise as US Dollar and Yen Drop After Dismal US Jobs Data
  • UK, US and Eurozone PMIs Roundup to Drive Risk Sentiment Trend Development
  • See Economic News Releases Directly on Your Charts with the DailyFX News App

The Australian and New Zealand Dollars outperformed in overnight trade, rising alongside an advance on Asian stock exchanges. The optimism across regional bourses appeared to take its cues from Friday’s upward surge on Wall Street, a move triggered by the unwinding of Federal Reserve rate hike expectations following a dismal set of employment figures.

The US Dollar dutifully continued to decline as Asian markets adjusted to a prevailing outlook that now envisions the start of Fed stimulus withdrawal no sooner than March 2016. The surge in sentiment likewise weighed on the anti-risk Japanese Yen.

Looking ahead, the final round-up of September’s Markit PMI readings for the UK, US and the Eurozone are in focus. Soft readings may rekindle global slowdown fears, capping the overnight swell in risk appetite and rekindling support for funding currencies (Euro, Yen) at the expense of higher-yielding counterparts (notably in the commodity currency bloc).

S&P 500 futures are pointing lower in late Asian trade, bolstering the case for on-coming risk aversion. Follow-through may prove limited however if the markets continue to interpret weak activity data and its dovish implications for global monetary policy trends as sentiment-supportive.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:30

AUD

AiG Perf of Services Index (SEP)

52.3

-

55.6

23:30

AUD

TD Securities Inflation (MoM) (SEP)

0.3%

-

0.1%

23:30

AUD

TD Securities Inflation (YoY) (SEP)

1.9%

-

1.7%

00:30

AUD

ANZ Job Advertisements (MoM) (SEP)

3.9%

-

1.3%

01:30

JPY

Labor Cash Earnings (YoY) (AUG)

0.5%

0.6%

0.9%

01:30

JPY

Real Cash Earnings (YoY) (AUG)

0.2%

0.5%

0.5%

01:35

JPY

Nikkei Japan PMI Services (SEP)

51.4

-

53.7

01:35

JPY

Nikkei Japan PMI Composite (SEP)

51.2

-

52.9

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

07:00

CHF

Total Sight Deposits (OCT 2)

-

465.6B

Low

07:00

CHF

Domestic Sight Deposits (OCT 2)

-

405.1B

Low

07:45

EUR

Italian Markit/ADACI Services PMI (SEP)

54.1

54.6

Low

07:45

EUR

Italian Markit/ADACI Composite PMI (SEP)

-

55.0

Low

07:50

EUR

French Markit Services PMI (SEP F)

51.2

51.2

Low

07:50

EUR

French Markit Composite PMI (SEP F)

51.4

51.4

Low

07:55

EUR

German Markit Services PMI (SEP F)

54.3

54.3

Medium

07:55

EUR

German Markit/BME Composite PMI (SEP F)

54.3

54.3

Medium

08:00

EUR

Eurozone Markit Services PMI (SEP F)

54.0

54.0

Medium

08:00

EUR

Eurozone Markit Composite PMI (SEP F)

53.9

53.9

Medium

08:30

GBP

Official Reserves Changes ($) (SEP)

-

656M

Low

08:30

EUR

Eurozone Sentix Investor Confidence (OCT)

11.8

13.6

Low

08:30

GBP

Markit/CIPS UK Services PMI (SEP)

56.0

55.6

Medium

08:30

GBP

Markit/CIPS UK Composite PMI (SEP)

54.9

55.1

Medium

09:00

EUR

Eurozone Retail Sales (MoM) (AUG)

0.0%

0.4%

Medium

09:00

EUR

Eurozone Retail Sales (YoY) (AUG)

1.7%

2.7%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0893

1.1061

1.1138

1.1229

1.1306

1.1397

1.1565

GBPUSD

1.4965

1.5074

1.5129

1.5183

1.5238

1.5292

1.5401

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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