Asian session brought few important macro data – amongst them Australian and New Zealand’s job market data. During Thursday’s session we will Focus mainly on ECB minutes and Janet Yellen speech.

Job report from NZ and Australia

In the evening markets got to know New Zealand’s amount of job offers, the dynamics for October was +0.6%, September was revised from +0.3% to +1.0%. On the yearly basis it was +5.2% (earlier +3.8%).

If you are wondering why there was no publication of Statistics New Zealana – retail sales etc. – it is because they still have problems after Monday’s earthquake and official website is still down.

Australian job report showed that there is 9.8K more jobs in October, expectations were around 15K. All the time the score is better than in September when the number of jobs decreased by 29K (revised to -9.8K). More data:

  • Unemployment rate: 5.6% vs 5.7% exp, prior 5.6%
  • Fulltime employment: +41.5K, prior -73K
  • Part-time employment: -31.7K, prior +45.3K

australia-underemployment

AUDUSD lost about 30 pips after publication of rather weak job report. During European session the decreases are bigger and price fight with Wednesday’s session lows. If they manage to break it another target is at pivot S1 at 0.7435.

audusdh1-17-11

BOJ offers unlimited bond buying

After midnight of European time Bank of Japan said that first time in history there are willing to buy unlimited amount of Japanese Government Bonds (JGB) with duration between 1 to 3 years and yield at least 0.02%.

It is the tool mentioned by BOJ already in September, first operation of this kind already happened and it was made to control yield curve. As we can expected it caused bearish reaction. USDJPY in the moment of publication moved for 40 pips. Since then it was climbing and broke 61.8% Fibonacci retracement on the way. Right now it is around 109.29-109.36.

usdjpym5-17-11

Yellen and ECB on the way

On Thursday markets will focus on ECB report from last meeting and Janet Yellen’s speech in US Congress. This is agenda for today:

  • 9:30 AM (GMT): UK retail sales
  • 10:00 AM: Eurozone CPI
  • 12:30 PM: ECB meeting minutes
  • 1:30 PM: US Housing Starts, CPI, initial jobless claims and building permits
  • 3:00 PM: Janet Yellen speech
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