FX News Today
- Asian stock markets had another lacklustre session.
- In Europe, Bunds got another boost from the much weaker than expected German orders number. Manufacturing orders were down -1.6% m/m.
- RBA shifted to a neutral stance: RBA Governor Philip Lowe mentioned that the ‘interest rate outlook is now more evenly balanced’.
- AUD tumbled in tandem with 10-year rates, which dropped -6.3 bp to 2.180%.
- EURUSD at 12-day lows under 1.1400; GBPUSD drifted back below 1.3000.
- WTI future is trading at USD 53.66, after falling back from levels over USD 55 yesterday.
Charts of the Day
Main Macro Events Today
- US Trade Balance – The November trade deficit is expected to narrow to -$54.0 bln from -$55.5 bln.
- Nonfarm Productivity and Labor Costs – Nonfarm productivity growth is pegged at 2.5% in Q4, following a Q3 trimming to 1.7% from 2.3%, while unit labor costs may rise 1.5%.
- Canadian Ivey PMI – The January Ivey PMI is expected to improve to a seasonally adjusted 62.0 from 59.7 in December.
- NZ Employment Change – The ISM-NMI Index is expected to slip further to 57.5 in January from 58.0 in December, versus a 13-year high of 60.8 in September. Services PMI is expected to be unchanged at 54.2 for January.
Support and Resistance
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Andria Pichidi
Market Analyst
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