Forex news for Asia trading Wednesday 24 July 2019
The Australian dollar was a poor performer today, losing the 0.7 big figure and to below 0.6980 at one stage. Its not much moved from its lows since. A couple of pieces of lower-tier data seemed to weigh on it today. Flash PMIs dropped a little, although still in expansion territory, but it was the signs given on employment that caught a bit of attention:
- Employment decreased for the first time since April, and to the greatest extent since the survey began in May 2016.
AUD dribbled a little lower. Data later showed a slowing in the decline of skilled vacancies but still down 6.7% on the year. Like I said, this is all lower tier data … the real kicker for the AUD came from a revised forecast from Westpac looking now for the Reserve Bank of Australia to cut its cash rate in October instead of the bank’s prior projection of a November cut. Westpac added another cut to come in February 2020 also. WPAC’s main point is that the RBA will ease quicker given the expected path ahead for the unemployment rate (ie not dropping fast enough).
Elsewhere across forex it was fairly steady going, with little more than 10 points for the majors. NZD/USD lost further ground.
Gold is up, BTC is down.
Oh, and one more thing. If you like watching option expiry data for potential ‘magnet’ price levels be sure to check out the USD/JPY expiry in this: