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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

GMTCCYEVENTACTEXPPREV
22:30AUDAiG Perf of Services Index (SEP)52.3-55.6
23:30AUDTD Securities Inflation (MoM) (SEP)0.3%-0.1%
23:30AUDTD Securities Inflation (YoY) (SEP)1.9%-1.7%
00:30AUDANZ Job Advertisements (MoM) (SEP)3.9%-1.3%
01:30JPYLabor Cash Earnings (YoY) (AUG)0.5%0.6%0.9%
01:30JPYReal Cash Earnings (YoY) (AUG)0.2%0.5%0.5%
01:35JPYNikkei Japan PMI Services (SEP)51.4-53.7
01:35JPYNikkei Japan PMI Composite (SEP)51.2-52.9

European Session

GMTCCYEVENTEXPPREVIMPACT
07:00CHFTotal Sight Deposits (OCT 2)-465.6BLow
07:00CHFDomestic Sight Deposits (OCT 2)-405.1BLow
07:45EURItalian Markit/ADACI Services PMI (SEP)54.154.6Low
07:45EURItalian Markit/ADACI Composite PMI (SEP)-55.0Low
07:50EURFrench Markit Services PMI (SEP F)51.251.2Low
07:50EURFrench Markit Composite PMI (SEP F)51.451.4Low
07:55EURGerman Markit Services PMI (SEP F)54.354.3Medium
07:55EURGerman Markit/BME Composite PMI (SEP F)54.354.3Medium
08:00EUREurozone Markit Services PMI (SEP F)54.054.0Medium
08:00EUREurozone Markit Composite PMI (SEP F)53.953.9Medium
08:30GBPOfficial Reserves Changes ($) (SEP)-656MLow
08:30EUREurozone Sentix Investor Confidence (OCT)11.813.6Low
08:30GBPMarkit/CIPS UK Services PMI (SEP)56.055.6Medium
08:30GBPMarkit/CIPS UK Composite PMI (SEP)54.955.1Medium
09:00EUREurozone Retail Sales (MoM) (AUG)0.0%0.4%Medium
09:00EUREurozone Retail Sales (YoY) (AUG)1.7%2.7%Medium

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3
EURUSD1.08931.10611.11381.12291.13061.13971.1565
GBPUSD1.49651.50741.51291.51831.52381.52921.5401

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

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