WWM - Analytics

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    Forex: EURUSD Trades at 1.1200, Market Range Bound Before U.S. Jobs Data

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    EURUSD: The euro is mostly rangebound from the afternoon session yesterday to mid-day in Europe. The high being only 1.1208 and low 1.1182 with traders staying on the sidelines ahead of the U.S. jobs data. The median forecast for the U.S. Jan Non-Farm Payroll is 190,000 versus 292,000 in Dec. with the Unemployment rate staying at 5.0%. Wages is 2.2% versus 2.5% in Dec.

    GBPUSD: The pound came off steadily from the late NY session high of 1.4580 to the 1.4560 level in Asia. The Asian market has been absolutely rangebound for the upcoming Chinese Lunar New Year holiday. In Europe, the pound came off from the high of 1.4572 to 1.4508 (-64 pips) influenced by the Brexit poll report by YouGov, 45% of Brits want to leave the EU, while 36% want to stay. BOE MPC member Broadbent said that UK CPI will stay below 1% in 2016 (BBC). Bids at 1.4500 with large option expiry.

    AUDUSD: The Australian dollar's has carried a modest bearish tone after the lower than expected Australian Dec Retail Sales unchanged at 0.4% from Nov versis the forecast of 0.5%. The RBA monetary policy statement was mostly shrugged off by the market. Market participants await the U.S. jobs data.

    NZDUSD: The New Zealand dollar was well bid in Europe which rose from the low of 0.6680 to0.6723 ( 43 pips) amid the thin liquidity from Asia and with the upcoming Wellington holiday. The weak Australian Retail Sales pushed the AUD/NZD cross lower which in turn provided the rally for the kiwi dollar. AUDNZD fell from 1.0740 to 1.0688 (-52 pips).


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