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Forex Today: Aussie weaker on Aus jobs, China data dump in focus

Dhwani Mehta FXStreet

Forex today remained in a wait-and-see mode, with most majors consolidating the overnight moves while awaiting the Chinese macro releases. The Aussie nursed losses amid mixed Aus jobs data. The Yen traded better offered, as the US extended rebound across the board.

Amongst the commodities, oil prices traded firmer on bullish API crude inventory report while gold prices kept losses below $ 1330 levels amid higher Treasury yields and positive Asian equities.

Main topics in Asia

Australia December employment change beats estimates, jobless rate ticks higher

The data released by Australia Bureau of Statistics (ABS) showed the economy added 34.7K jobs in December vs. forecast of 9K.

BoJ officials reported as saying current stimulus is needed for now

Bloomberg quoted an unnamed Bank of Japan (BoJ) official as saying that the current is needed for now while adding that the market is getting ahead of itself.

White House Official: Congress will pass a stopgap bill to keep government funded

According to the White House Chief of Staff Kelly, the US Congress will pass a stopgap bill to avert a government shutdown, Reuters reports.

China's holdings of US treasuries fell to 4-month low in November

China’s holdings of US Treasuries fell to $1.176 trillion in November, its lowest in four months.

South Korean regulator considering shutting down all virtual currency exchanges

Reuters reports the latest headlines, citing that the South Korean regulator is said to consider shutting down all virtual currency exchanges.

Key Focus ahead

We have all-important China’s Q4 GDP release accompanied by the country’s industrial production and retail sales data, which will be reported at 0700 GMT (delayed by the source) while the EUR calendar remains data-empty. Hence, most majors will closely track the USD dynamics and risk trends ahead of the US building permits, housing starts, unemployment claims and Philly Fed manufacturing Index, all of which are due on the cards at 1330 GMT. Also in focus remains the German Bundesbank Chief Weidmann’s speech and EIA crude oil inventories data.

EUR/USD: Will buyers regain control above 1.2200?

The EUR/USD pair staged a solid comeback in Asia, having reversed from four-day lows of 1.2165. However, sellers continued to lurk just ahead of the 1.22 handle, leaving the rates in a consolidative phase below the last.

GBP/USD - Rising risk reversals contradict widening 10Y US-UK yield spread

Currently, GBP/USD trades at 1.3812 - down more than 100 pips from the previous day's high of 1.3943. The long upper shadow of yesterday's candle could be read as a sign of bull market exhaustion.

When is China Q4 GDP and how could it affect the AUD/USD?

China is set to publish the gross domestic product (GDP) for the fourth quarter at 07:00 GMT.

China: Key economic events today - Barclays

The Barclays Research Team is out with a brief preview of their expectations on the upcoming Chinese macro releases due to be reported at 7GMT today.

GMT	Event	Consensus	Previous
Thursday, Jan 18
07:00	CNY Retail Sales (YoY)	10.1%	10.2%
07:00	CNY Industrial Production (YoY)	6.0%	6.1%
07:00	CNY NBS Press Conference
07:00	CNY Fixed Asset Investment (YTD) (YoY)	7.1%	7.2%
07:00	CNY Gross Domestic Product (YoY)	6.7%	6.8%
07:00	CNY Gross Domestic Product (QoQ)	1.6%	1.7%
08:15	EUR German Buba President Weidmann speech
13:30	USD Housing Starts Change		3.3%
13:30	USD Building Permits (MoM)	1.290M	1.298M
13:30	USD Housing Starts (MoM)	1.275M	1.297M
13:30	USD Building Permits Change	-1.0%	-1.4%
13:30	USD Initial Jobless Claims	250K	261K
13:30	USD Continuing Jobless Claims	1.900M	1.867M
13:30	USD Philadelphia Fed Manufacturing Survey	25.0	26.2
14:30	EUR ECB Cœuré Speech
15:30	USD EIA Natural Gas Storage change	-201B	-359B
16:00	USD EIA Crude Oil Stocks change	-3.588M	-4.948M
n/a	USD 10-Year Note Auction		2.579%
Friday, Jan 19
07:00	EUR Producer Price Index (MoM)		0.1%
07:00	EUR Producer Price Index (YoY)		2.5%
n/a	EUR Current Account n.s.a		€35.9B
09:00	EUR Current Account s.a		€30.8B
09:30	GBP Retail Sales ex-Fuel (MoM)	0.0%	1.2%
09:30	GBP Retail Sales (YoY)	2.1%	1.6%
09:30	GBP Retail Sales ex-Fuel (YoY)	2.7%	1.5%

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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