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USD/AUD under pressure

Published January 20, 2020

AUTHOR : Brett Gordon

Australia`s consumer confidence is due on Wednesday, followed by employment figures on Thursday, with the unemployment rate in December expected to remain unchanged at 5.2% and 11k new jobs forecasted.  A weak reading in employment data will add further support for the Reserve Bank of Australia (RBA) to cut interest rates when they meet next month.

The US will be a quiet week ahead on the data front for the USD, with markets closed on Monday for the Martin Luther King Jr. Day holiday. The first data release is due out on Wednesday with December’s existing home sales figures, which is not expected to have much of an impact on the US dollar. Thursday, we see the release of the weekly jobless claims figures and focus will largely be on Friday’s private sector PMI numbers for January, with the service sector expected to have the biggest impact.   Also President Trumps impeachment trail is expected to be in full swing this week.

Most central banks around the globe will meet this week. The Bank of Japan (BOJ) will meet on Tuesday, followed by the Bank of Canada (BOC) on Wednesday and lastly the European Central Bank (ECB) on Thursday, with all key central banks expected to hold rates.  Focus will largely be on the ECB meeting, which will launch its first strategy review since 2003 to reassess an inflation target that has not been reached in seven years.  ECB’s new President Christine Lagarde is also due to speak tonight and Friday.

 

 

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.