Australian Job Ads: A sharp rebound - ANZ

Dhwani Mehta FXStreet

Head of Australian Economics at Australia and New Zealand Banking Group (ANZ), David Plank, offers his afterthoughts on the Australian job advertisement data released earlier this Monday.

Key Quotes:

“Job ads in June jumped 4.6%, reversing a bit more than half of the sharp drop in May. The gain was one of the biggest in 18 months. We don’t think it necessarily represents a turn in the overall downward trend, however.

Job ads plunged more than 8% in May as a result of the timing of the election and the late April ‘holiday year’ effect (when Easter and ANZAC Day were close together).

The subsequent jump in job ads in June represents only a partial recovery from that weakness, suggesting that the overall trend is still downwards.

This points to slowing employment growth and rising unemployment. If confirmed by the actual employment data, then the RBA will likely react by lowering the cash rate yet again.”

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.

EUR/USD flat lines around 1.1900; looks to US NFP report for fresh directional impetus

The EUR/USD pair is seen oscillating in a narrow trading band around the 1.1900 mark during the Asian session on Wednesday as traders opt to wait for the release of US monthly employment details before placing fresh directional bets.

GBP/USD recovers losses despite rising UK political risks, BoE rate cut bets

Pound Sterling advances against the US Dollar after registering modest losses in the previous session, trading around 1.3650 during the Asian hours on Wednesday. The pair could extend losses as the Pound Sterling faces pressure from rising political risks in the UK and growing expectations of near-term Bank of England rate cuts.

Gold sticks to gains near $5,050 amid Fed-driven USD weakness; focus remains on US NFP

Gold climbs back above the $5,050 level during the Asian session on Wednesday, reversing a part of the previous day's modest losses amid dovish US Federal Reserve-inspired US Dollar weakness. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal.

Bitcoin, Ethereum and Ripple show no sign of recovery

Bitcoin, Ethereum, and Ripple show signs of cautious stabilization on Wednesday after failing to close above their key resistance levels earlier this week. BTC trades below $69,000, while ETH and XRP also encountered rejection near major resistance levels. With no immediate bullish catalyst, the top three cryptocurrencies continue to show no clear signs of a sustained recovery.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.