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Forex Flash: Australia labour data on focus; weak outcome expected - NAB

Today's big risk event in Asia, followingthe dismal job figures in New Zealand, will be the the Australian labour force report for January, released at 00.30GMT. NAB expects another weak outcome.

NAD expands: "We look for a 10K fall in January after the 5.5K fall in December, with the unemployment rate rising to 5.5% from 5.4% last month. Market forecasts are for a rise in employment of 6K and unemployment to rise to 5.5%. In coming months we expect to see the unemployment rise to 5¾%."

Forex: EUR/USD holds above 1.3500, but is it time for bears?

After being unable to break above the 1.3600 frontier, the EUR/USD set back towards the 1.3500 area where the pair found some support. The euro managed to trim losses but the recovery was capped by the 1.3545 area. This way, the pair was confined to a range and a consolidation phase as investors refrain from taking big positions ahead of the ECB meeting.
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