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The calendar of the Asian session

Still today at 9:30 pm GMT API will release its weekly report on US crude inventories. With Genscape signalling a decline of stocks in Cushing the API report could wake up the oil bulls - which is what the commodity needs after two days of significant losses. 

At 9 pm GMT an alternative measure of the strength of New Zealand labor market will be out - the job ads count for December. The previous reading was the strongest in MoM growth terms since early 2015 so let’s see if there is confirmation that the market is getting stronger now. It is actually already quite strong with the 3Q emplymnet growth at 5.9% YoY - the strongest at least since 2000.

There will be a JGB auction of 30-year papers. It traded around 0.73-0.77% yield in the last sessions. An outcome of the auction much different from this could cause some adjustment on JPY.

The leading indicator for November will be of limited value to the markets and is expected to move in line with other business sentiment indicators, which is up.

Australian job vacancies report also deserves some attention. It will be out at 0:30 am GMT and will cover the Sep-Nov period.  If something similar to the sudden drop in the spring release is seen then AUD could be in trouble as the labor market is one of the areas RBA is now quite sensitive to. On the other hand a reading of 3-4% or above could keep the Aussie relatively strong, but it will also depend on the behavior of commodities like iron ores and industrial metals during the Asian session. 

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 Job vacancies in Australia, won’t add much to RBA knowledge on the issue of full-time vs. part-time jobs being created in the economy, but still can affect the AUD sentiment; source: Bloomberg


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