The Aussie comes out as the biggest loser this week despite a positive Australian jobs update. Global risk-off sentiment was the catalyst for the bears to jump in as the number of Coronavirus infections rose through the week.
Overlay of AUD Pairs: 1-Hour Forex Chart
AUD Weekly Performance from MarketMilk
Australia Headlines and Economic data
Tuesday:
- With no catalysts from Australia, the broad move lower in the Australian dollar against the majors during the early Asia session was likely on news of the Chinese Coronavirus spreading.
- ANZ-Roy Morgan Consumer Confidence rises to 108.3
Wednesday:
- Australia consumer sentiment falls further in January to 93.4 from 95.1 in December: Westpac
Thursday:
- Australia’s MI inflation expectations jump from 4.0% to 4.7%
- Australian employment change up 28.9K vs. 12.2K in Dec, 38.5K previous
- Analysts pare RBA rate cut forecasts as unemployment hits nine-month low
- The bullish gains from the better-than-expected Australian employment update were quickly washed away during the U.S. trading session on negative global risk sentiment, once again on rising fears after news of the rising number of infections/deaths from the Coronavirus.
Friday:
- Australia’s business activity down for third month running
- The Aussie makes one last push lower into the weekend after the CDC confirms second US case of coronavirus sparks further global risk-off sentiment.
