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[MARKET ANALYSIS] Choppy but contained FX trade as markets await economic data

The FX market is experiencing a choppy but contained trade as traders position themselves ahead of significant US labor market data, including ADP nonfarm employment figures.

Newsquawk StaffNewswiresPublished On the live feed at — 12 more headlines followed before this page went public
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EU HICP Excluding Food & Energy Flash YY (Dec) 2.3% vs. Exp. 2.4%

EU Inflation Rate YoY Flash (Dec) 2.0% Y/Y vs. Exp. 2% (Prev. 2.1%); Services 3.4% (prev. 3.5%)

[MARKET ANALYSIS] Choppy but contained FX trade as markets await economic data

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[MARKET ANALYSIS] Benchmarks bid as the European risk tone slips, EZ inflation, supply & US data ahead

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  • DXY is flat intraday but resides in a current 98.497-98.690 parameter as traders await key US labour market data due ahead of Friday's official employment situation report; ADP's gauge of nonfarm employment is expected to print 49K in December vs -32K in November. JOLTS job openings are expected to fall to 7.61mln in November (prev. 7.67mln in October); in the October report, the quits rate fell to 1.8% from 2.0%, while the vacancy rate was unchanged at 4.6%. Elsewhere, the ISM Services PMI is seen inching down a little in December. Currently, the index is well within Monday’s 98.25-98.86 range, and on either side of its 100 DMA (98.59).
  • EUR/USD holds onto the prior day’s losses following softer-than-expected inflation from Germany yesterday, with the EZ-wide metric also unlikely to change the course for the ECB. Sticking with inflation, AUD/USD is choppy following overnight outperformance given softer-than-expected monthly inflation, but as the headline figure and the core reading remain sticky and above the RBA’s 2-3% target. USD/JPY found resistance at yesterday’s high and remains within that session's 156.30-156.80 parameter. Other G10s are largely uneventful and follow the choppy price action.
Context

The expected movements in employment may influence perceptions of the USD, particularly against other currencies like the EUR and AUD, where recent inflation data is contributing to mixed sentiment. Watch for potential volatility as the data releases could trigger shifts in market expectations regarding central bank policies.

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