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Daily Market News By FXNET
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[QUOTE="FxNet, post: 58689, member: 19407"] [b]Asian Session – Soft Australian employment data hurt aussie[/b] The Australian dollar was the worst performer during the Asian session after being hurt by soft Australian employment data. According to a labour force survey for January, the domestic economy showed a surprise 3,700 drop in the number of employed Australians, which came on top of a slight downward revision in December's figures. The unemployment rate rose to the highest level since July 2003, at 6%. The aussie tumbled over 100 pips against the US dollar in reaction to the disappointing data today. AUDUSD fell to 0.8926 from 0.9030, reversing Wednesday’s gains made after strong China trade data. In other currencies, the euro, pound and yen gained against the US dollar. There is caution with trading the greenback today ahead of a report today that forecast to show U.S. retail sales stalled. The euro gained for the first time in three days against the dollar before an ECB monthly report later today. EURUSD opened in Asia at 1.3592 and rose to 1.3615, regaining some losses from the sharp tumble yesterday following ECB policy makers comments on negative interest rates. GBPUSD climbed to a high of 1.6622, the highest since January 28. The pound was lifted by BOE governor Mark Carney’s comments that the UK’s economic recovery was gaining momentum. Markets factored in a rate increase earlier in 2015, sooner than previously thought. USDJPY slid to a low of 101.98 from 102.51. US retail sales will be a key risk for the dollar. A relatively flat outcome for sales will provide little rationale to buy the currency. [/QUOTE]
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