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Market players shrugged off Australia’s weak jobs reports in favor of pricing in waning threats geopolitical AND trade tensions involving the U.S.

  • Australia adds 4,900 jobs vs. 20,300 expected, 6,300 decline in February
  • Australia’s jobless rate remains at 5.5% in March
  • Australia’s quarterly NAB business confidence remains at 7 in Q1 2018

Major Events/Reports:

Australia’s employment numbers

Data printed earlier saw Australia’s jobless rate maintaining February’s downwardly revised 5.5% figure in March.

Unfortunately, only a net of 4,900 workers had gained jobs for the month, which was weaker than the 20,300 gain that analysts had expected. Meanwhile, February’s 17,500 gain was downgraded to reflect a net loss of 6,300 jobs created.

Details don’t get any better. See, a net of 19,900 full-time workers had lost their work even as part-time jobs shot up by 24,800 in March. In addition to that, the labour participation rate edged down from 65.6% to 65.5% against expectations of an increase to 65.7%.

Risk appetite, risk appetite everywhere

Diminishing concerns over conflicts in Syria, as well as a lack of fresh trade-related demands from Trump’s meeting with Japan’s Shinzo Abe brought relief to risk-takers during the Asian session.

  • Nikkei is up by 0.46% to 22,259.2
  • Australia’s A SX 200 is up by 0.09% to 5,875.1
  • Hang Seng is up by 1.28% to 30,672.3
  • Shanghai index is up by 0.97% to 3,121.515

The dollar’s gains were limited by lingering concerns over the U.S.-China trade war, so gold found some support a few hours earlier.

Meanwhile, oil prices continued to climb following reports of lower crude inventories in the U.S. and some OPEC jawboning.

  • Gold is up by 0.20% to $1,351.86
  • Brent crude oil is up by 0.26% to $73.95
  • U.S. WTI is up by 0.17% to $68.86

Major Market Mover(s):

JPY
The low-yielding yen bowed down to its counterparts for another day today in the face of overall risk-taking in the markets.

USD/JPY is up by 19 pips (+0.18%) to 107.42
EUR/JPY is up by 28 pips (+0.21%) to 132.96
GBP/JPY is up by 22 pips (+0.14%) to 152.48
CAD/JPY is up by 20 pips (+0.23%) to 85.02

The bulls found enough momentum from overall market vibes to shrug off Australia’s grim jobs numbers. Thanks to relief over waning geopolitical and trade war risks, high-yielding bets like the Aussie were pushed higher.

AUD
The bulls found enough momentum from overall market vibes to shrug off Australia’s grim jobs numbers. Thanks to relief over waning geopolitical and trade war risks, high-yielding bets like the Aussie were pushed higher.

AUD/USD is up by 17 pips (+0.21%) to .7799
AUD/JPY is up by 33 pips (+0.40%) to 83.78
EUR/AUD is down by 22 pips (-0.14%) to 1.5870
GBP/AUD is down by 38 pips (-0.21%) to 1.8201
AUD/NZD is up by 20 pips (+0.18%) to 1.0649

Watch Out For:

  • 8:00 am GMT: Euro Zone current account (32.3B EUR expected, 37.6B EUR previous)
  • 8:30 am GMT: U.K.’s retail sales (-0.5% expected, 0.8% previous)