Australian Dollar (AUD) Crashes as Unemployment Edges Up
Yesterday, Australia’s unemployment rate increased to 3.7%, which weighed heavily on the Australian Dollar (AUD).
Additionally, the risk-sensitive ‘Aussie’ endured further headwinds amid a downbeat day of trade.
Due to a short supply of data today, AUD may struggle to find its footing unless the market mood brightens.
New Zealand Dollar (NZD) Slides as Market Mood Drops
Similarly, the New Zealand Dollar (NZD) plunged over the course of yesterday’s session, amid a downbeat market mood.
Following news of another drop in Chinese house prices, the market mood soured due to growing concerns over China’s economic recovery.
Data releases are thin on the ground for NZD today, which may leave it to trade on market dynamics.
Pound (GBP) Subdued as Investors Pare Back BoE Bets
Thursday saw the Pound (GBP) sputter along against most peers, as Wednesday’s cooler inflation data continued to pressure the currency.
However, due to a bearish market mood, GBP was able to gain ground against AUD and NZD, despite falling Bank of England (BoE) interest rate hike bets.
The UK’s latest retail sales data is due to print this evening. Economists anticipate a 0.3% expansion in October, which could support GBP.
Euro (EUR) Capped by Lack of Data
Yesterday, the Euro (EUR) traded in a wide range against its peers, amid falling levels of risk appetite.
Due to a lack of macroeconomic data capping its upside, EUR’s gains were limited in scope.
However, the common currency still managed to climb against riskier assets over the course of the session.
Later tonight, European Central Bank (ECB) President Christine Lagarde is expected to speak, alongside other ECB policymakers. Could cautious remarks dent EUR?
US Dollar (USD) Pressured by Rising Jobless Claims
The US Dollar (USD) traded in a mixed capacity on Thursday, as a deteriorating market mood offset bleak jobs data.
Initial jobless claims spiked far above forecasts, pointing to growing looseness in the US labour market. However, safe-haven flows managed to cushion USD against further losses.
Tonight, a number of Fed officials are due to deliver speeches. If a hawkish consensus emerges, USD could rally.
Canadian Dollar (CAD) Supported despite Decline in Oil
The crude-linked Canadian Dollar (CAD) managed to firm against some of its weaker rivals yesterday, despite a downtick in oil prices, without a clear catalyst for the movement.
The latest slate of Canadian PPI data could weaken the ‘Loonie’ tonight, if it cooled in October as forecast.
Data Releases
Nov 17th 17:00 GBP Retail Sales (Oct) 0.3%
Nov 17th 18:30 EUR ECB President Christine Lagarde Speech
Nov 17th 20:00 EUR Inflation Rate (Oct) 2.9%
Nov 17th 23:15 GBP BoE Greene Speech
Nov 17th 23:30 CAD PPI (Oct) 0.3%