EUR is trading near zero against USD during today’s Asian session, consolidating at new local lows of December 24, updated the day before. Strong macroeconomic statistics from ZEW released on Tuesday had virtually no effect on EUR. German ZEW Current Situation index in January rose from –19.9 to –9.5 points with a forecast of –13.5 points. ZEW Economic Sentiment in Germany for the same period has significantly strengthened from 10.7 to 26.7 points with a forecast of growth of only 15 points. The euro area’s ZEW Economic Sentiment index in January also showed strong positive dynamics, rising from 11.2 to 25.6 points, while experts expected a decrease to 5.5 points.
GBP is declining slightly during today’s Asian session, losing about 0.07%. The instrument is corrected after moderate growth yesterday, which, in turn, was caused by relatively positive data on employment in the country. Claimant Count Change in December remained unchanged at 14.9K with a forecast of an increase to 22.6K. Average Earnings Including Bonus in November also kept the previous growth rates (3.2% 3MoY), while experts expected a slowdown to 3.1% 3MoY. The Unemployment Rate remained unchanged at 3.8%. Today, investors are awaiting the publication of data on Public Sector Net Borrowing in the UK for December. In addition, traders are waiting for statistics from the Confederation of British Industrialists on Industrial Orders for January.
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AUD has a “bearish” trend against USD during today’s Asian session, updating local lows of December 11. The instrument loses about 0.10%, slightly departing from new lows. Moderate pressure on AUD is exerted by macroeconomic statistics from Australia. Westpac Consumer Confidence in Australia in January decreased by 1.8% after the decline of 1.9% last month. Experts expected a reduction of only 0.8%. Today, traders’ attention will be focused on the publication of the US data, as well as on speeches at the World Economic Forum in Davos. Australian statistics will not appear until Thursday, when the December report on the labor market comes out.
USD shows strong growth against JPY during today’s Asian session, recovering the positions lost the previous day, when JPY increased in reaction to the publication of updated forecasts for GDP growth from the Bank of Japan. The instrument adds about 0.18%, testing the level of 110.00 for a breakout. Inflation in Japan remains extremely low, and the regulator is still looking for ways to stimulate the economy. The Bank of Japan emphasizes that monetary policy will remain soft until it reaches target inflation rates, but recognizes the growing risks associated with a protracted period of low interest rates. Today, investors are awaiting the publication of macroeconomic statistics from the US on the dynamics of Retail Sales and Existing Home Sales. Japanese data will appear on Thursday, when the December statistics on the dynamics of Imports and Exports are published.
Gold prices are decreasing during today’s Asian session, losing about 0.35%. The asset returns to the negative trend after controversial trading the day before, when the position of the instrument was supported by the growth of concerns about the spread of coronavirus in China. In addition, investors are responding to continuing uncertainty in the Middle East, fearing the development of new local conflicts. A possible impeachment of Donald Trump also affects the position of the instrument. In turn, support for gold is provided by the approach of the Chinese New Year, as in the pre-holiday period the demand for the precious metal traditionally increases.