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[MARKET ANALYSIS] AUD leads gains following strong employment report; DXY pauses as an agreement on Greenland awaits

The strong employment report from Australia, showing a drop in the unemployment rate to 4.1%, has buoyed the AUD, allowing it to lead gains among G7 currencies.

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  • DXY consolidates following Wednesday’s gains, briefly dipping below 98.75, as concerns that an agreement over Greenland will not be reached, with NATO’s Rutte stating that a lot of work is to be done.
  • EUR/USD nears the 1.1700 handle after falling to a low of 1.1670 early in the session, helped by the recent weakness in the greenback.
  • GBP/USD hovers around 1.3430 as the heavy UK data docket this week continues, with PSNB expected later today and retail sales released on Friday.
  • USD/JPY oscillates in a 158.18-158.50 band, as markets digest the weaker-than-expected trade data. JPY weakened initially as the Dec. trade balance and exports missed expectations, briefly paring back losses.
  • Antipodeans lead gains against their G7 peers, with AUD leading the way following a strong employment report that saw the unemployment rate drop 2bps to 4.1% (exp. 4.4%). Thus far, AUD/USD trades just shy of the 68 handle, at a 15-month high.
Context

This positive employment data supports the view of economic resilience in Australia, possibly affecting future policy decisions by the RBA, while the DXY pauses amid geopolitical uncertainties over Greenland, reflecting a consolidation phase in the market.

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