Article Highlights

  • Australian quarterly private capital expenditure down by 5.2%
  • Swiss GDP and jobs report due
  • German unemployment change to print 10K decline in joblessness
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Another wipe-out for the Aussie! AUD/USD tumbled below the .8950 minor psychological level when the private capital expenditure report showed a whopping 5.2% quarterly decline versus the estimated 1.0% drop. It didn’t help that Citi decided to downgrade their growth forecasts for the Australian economy right after this capital expenditure report was released!

In the next few hours, we’ll see a bunch of reports from the euro zone. Germany is set to release its data on import prices but the bigger mover for EUR/USD could be the unemployment change report, which might print a 10K decline in joblessness. Swiss GDP and jobs data are also due today, and these might push USD/CHF in a clearer direction.

Do keep close tabs on the ongoing conflict in Ukraine, as actual military action could keep risk aversion in the markets and trigger sharper declines for higher-yielding currencies. Last time I checked, Ukraine’s acting president made comments saying that troop presence in the Black Sea would be considered as an act of aggression. Yikes!

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