Safe-haven flows into Japanese Yen increased as US stocks lost ground and created a lower high below the high print created by the Pfizer vaccine rally. This moved USDJPY to our target zone. DJIA, S&P 500 and Nasdaq have lost momentum near the all-time highs. This indicates investors are getting cautious and take some profits off the table. S&P 500 could correct seven to eight per cent before reaching the next key support. Australian employment change was a positive surprise with 178.8K new jobs. Analysts had expected a reduction of 26.7K jobs. The news, however, didn’t move AUDUSD substantially. The news was priced in already. Other main risk events today include ADP Non-Farm Employment Change from Canada and Philly Fed Manufacturing Index releases. See our economic calendar for more details. By reading further you agree with our disclaimer at the bottom of this page and acknowledge that we do not provide investment advice.

EURUSD has created a lower high in the daily timeframe chart. This indicates that the USD weakness seen lately is now over and markets are starting to favour the dollar again. The weakness seen in gold and silver supports this view. Even though gold and silver have been trading relatively close to key supports the bids in both of these markets have been soft. EURUSD is trading at resistance created by a recent reactionary low that has been now penetrated and 50 period SMA. We look for short trades below 1.1850 with target zones at 1.1810 – 1.1820 and 1.1777 – 1.1790. With this market trading below recent bullish price channel and the 1.1850 resistance, these targets seem well justified for intraday trades. For more analysis on this and many other markets, you may want to subscribe to TIOmarkets YouTube channel.

Recent macroeconomic data releases

  • New Zealand Official Cash Rate 0.25%, 0.25 expected
  • US CPI 0.0%, 0.1% expected
  • US Core CPI 0.0%, 0.2% expected
  • US Unemployment Claims 709K, 730K expected
  • US Core PPI 0.1%, 0.2% expected
  • US PPI 0.3%, 0.2% expected
  • Prelim UoM Consumer Sentiment 77.0, 82.1 expected
  • US Core Retail Sales 0.2%, 0.6% expected
  • US Retail Sales 0.3%, 0.5% expected
  • Canadian CPI 0.4%, 0.2 expected

Macroeconomic data releases today

  • Australian Employment Change 178.8K, -26.7K expected
  • Australian Unemployment Rate 7.0%, 7.1% expected
  • Canadian ADP Non-Farm Employment Change
  • US Philly Fed Manufacturing Index 22.0 expected
  • US Unemployment Claims 707K expected

You may access the times and dates in the economic calendar here.

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Janne Muta
Chief Market Analyst

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Janne Muta

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