1 February 2023 Afternoon Session Analysis
New Zealand unemployment climbs, Kiwi dollar falls afterward.
The Kiwi dollar which is traded as one of the major currencies globally slipped after a downbeat labor market report was released. According to the data from Statistics New Zealand, the unemployment rate climbs to 3.4%, which is well above the market expectations of 3.3%. The Employment Change data posted a reading of 0.2%, weaker than the consensus forecast of 0.3%. Both data showed that the labor market remains tight after the Reserve Bank of New Zealand’s aggressive rate hike. The New Zealand Finance Minister, Grant Roberson, mentioned that the country’s unemployment rate actually still remains low and the number of workers has increased significantly through the work visa and working holiday schemes to fill the local labor market. With that, the market participants would continue to eye on more economic data, in order to scrutinize the future monetary policy of the Reserve Bank of New Zealand (RBNZ). As of writing, NZDUSD depreciated -0.275% to $0.6421.
In the commodities market, the crude oil price appreciated 0.14% to $78.98 per barrel as of writing amid EU country sanctions on Russian oil productions. Besides, the gold price depreciated -0.16% to $1942.05 per troy ounce as investors are waiting for more cues on the monetary policy from Fed.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 CrudeOIL OPEC Meeting
3:00 USD FOMC Statement
(2nd Feb)
3:00 USD FOMC Press Conference
(2nd Feb)
Today’s Highlight Economic Data
Time | Nation & Data | Previous | Forecast | Actual |
16:55 | EUR – German Manufacturing PMI (Jan) | 47.0 | 47.0 | – |
17:30 | GBP – Manufacturing PMI (Jan) | 46.7 | 46.7 | – |
18:00 | EUR – CPI (YoY) (Jan) | 9.2% | 9.0% | – |
21:15 | USD – ADP Nonfarm Employment Change (Jan) | 235k | 178k | – |
23:00 | USD – ISM Manufacturing PMI (Jan) | 48.4 | 48.0 | – |
23:00 | USD – JOLTs Job Openings (Dec) | 10.458M | 10.250M | – |
23:30 | USD – Crude Oil Inventories | 0.533M | 0.376M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggests the index to extend its gains if successfully breakout the resistance level.
Resistance level: 102.05, 103.20
Support level: 100.55, 99.10
GBPUSD, H4: GBPUSD was traded lower following the prior retracement from the resistance level. However, MACD which illustrated decreasing bearish momentum suggests the pair be traded higher as a technical correction.
Resistance level: 1.2415, 1.2535
Support level: 1.2265, 1.2120
EURUSD, H4: EURUSD was traded lower following the prior retracement from the resistance level. However, MACD which illustrated decreasing bearish momentum suggests the pair be traded higher as a technical correction.
Resistance level: 1.0890, 1.1040
Support level: 1.0740, 1.0600
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggests the pair to be traded lower as technical correction.
Resistance level: 130.25, 132.60
Support level: 126.70, 123.65
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level. MACD which illustrated decreasing bearish momentum suggests the pair to extend its gains if successfully breakout the resistance level.
Resistance level: 0.7050, 0.7140
Support level: 0.6955, 0.6870
NZDUSD, H4: NZDUSD was traded lower following a prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggests the pair to extend its losses.
Resistance level: 0.6460, 0.6560
Support level: 0.6360, 0.6260
USDCAD, Daily: USDCAD was traded lower following a prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggests the pair to be trade higher as technical correction.
Resistance level: 1.3320, 1.3500
Support level: 1.3155, 1.2980
USDCHF, Daily: USDCHF was traded lower following the prior retracement from the resistance level. MACD which illustrated decreasing bullish momentum suggests the pair extended its losses.
Resistance level: 0.9235, 0.9400
Support level: 0.9065, 0.8920
CrudeOIL, H4: Crude oil price was traded higher following a prior rebound from the support level. MACD which illustrated increasing bullish momentum suggests the commodity to extend its gains.
Resistance level: 81.50, 85.20
Support level: 77.25, 73.90
GOLD_, H4: Gold price was traded higher following the prior breakout above the resistance level. MACD which illustrated increasing bullish momentum suggests the commodity to extend its gains.
Resistance level: 1939.10, 1960.00
Support level: 1918.90, 1900.40