FOREXYARD: Forex News Blog

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Market Review 17.01.2013 Posted: 17 Jan 2013 03:40 AM PST A worse than expected Australian jobs report caused the AUD to turn bearish during Asian trading last night, while crude oil gave up some of its recent gains following a lower than expected US Crude Oil Inventories figure yesterday. The Australian dollar fell close to 70 pips against the USD during the overnight session to eventually trade as low as 1.0493. Currently, the AUD/USD appears stable at 1.0505. Against the JPY, the aussie lost more than 100 pips following the jobs report, while the EUR/AUD has gained more than 60 pips since last night. After gaining well over $1 a barrel during afternoon trading yesterday, largely due to signs that demand for oil in the US has gone up, crude saw a minor downward correction last night. The commodity fell just over $0.40, eventually reaching as low as $93.78, before bouncing back to its current level of $94.00. Main News for Today US Building Permits- 13:30 GMT • Forecasted to come in at 0.91M, slightly higher than last month • Better than expected data today could boost riskier assets, including the EUR and GBP US Unemployment Claims- 13:30 GMT • Forecasted to come in at roughly the same level as last week • A significantly higher than forecasted result today may lead to risk aversion which would boost the USD and JPY US Philly Fed Manufacturing Index • Forecasted to come in at 7.1, slightly below last month's • A better than expected figure may encourage risk taking, which would boost higher yielding assets like crude oil

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