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Coronavirus fears remain, but markets focus elsewhere

Published February 6, 2020

by Rowan Murphy

While the ‘official reported’ death toll from the coronavirus nears 500, news is emerging that a vaccine may be close to hand. Very strong indicative US employment numbers released overnight boosted risk sentiment and the AUD along with it.

US January ADP jobs rose 291k vs market predictions of only 157k and December’s print of 199k. This is of course a leading indicator with the real numbers being released Friday night with the Non-farm Employment change where markets are expecting 161k jobs at the moment. It would seem that the US labour market has jumped out of the blocks for 2020. Something worth noting is that this release is the highest since May 2015.

Locally today we have a whole raft of data with Dec Trade Balance, Dec Retail Sales and NAB business confidence all due at 11.30am AEDT. Markets are forecasting a Trade Balance of 5.65B surplus and a Retail Sales figure of -0.2%, although these are two very important releases a lot has happened since the end of Dec.

 

 

Adam Nikitins and Stewart McCallum were appointed Joint and Several Voluntary Administrators of EncoreFX (Australia) Pty Ltd on 30 March 2020.

Rees Logan, Adam Nikitins and Stewart McCallum were appointed Joint and Several Voluntary Administrators of EncoreFX (NZ) Limited on 30 March 2020.

Any queries regarding the Administrations should be directed to encorefx@au.ey.com.