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Market Brief
The Aussie took a hit overnight amid the labor data came in far worse-than-expected. Australian economy lost a total of 12’200 jobs in January; the loss of 28’100 full-time jobs have been only partially countered by 15’900 increase in part-time jobs and the unemployment rate deteriorated from 6.1% to 6.4% (vs. 6.2% exp.) The alarming situation in labor market revived dovish RBA speculations and pushed AUD/USD down to 0.7644. Recent bullish efforts have therefore failed, the MACD is back in negative territories, pointing the way is now open to 75 cents. AUD/NZD extends losses to 1.0413. The key support stands at 1.0355 (Jan 7th low).
No clarity came out of yesterday’s Eurogroup meeting on Greek situation. According to a Greek official, the possibility of a “bridge agreement” has been discussed. The negotiations will continue on Monday. The EUR/USD rally to 1.1352 on mixed news that EU/Greece may have reached an agreement in late New York, rapidly faded following the crowded news wire. Asia started the session by pulling EUR/USD back to 1.1300/20 range. The sentiment remains comfortably bearish with resistance seen at 1.1396/1.1445 (21-dma / Fibonacci 23.6% on Dec’14-Jan’15 drop). The 3-year Greek sovereign yields remain above 20%.
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