Yen May Continue Higher as Aussie, NZ Dollars Fall on Risk Aversion
" style="text-align:justify"> Talking Points:
- Aussie and NZ Dollars Fall Yen Gains as Risk Aversion Grips Asian Markets
- Currencies to Look Past German UK Data with Sentiment Trends in Focus
- See Economic Releases Directly on Your Charts with the DailyFX News App
The Australian Dollar underperformed in overnight trade falling as much as 0.8 percent on average against its leading counterparts. The move tracked a drop in futures on Australia’s benchmark S&P/ASX 200 stock index pointing to risk aversion as the catalyst behind the impetus to sell the sentiment-linked currency.
The broader MSCI Asia Pacific regional benchmark equity index declined 0.7 percent pulling the risk-geared New Zealand Dollar downward and boosting haven demand for the Japanese Yen. The former currency lost as much as 0.4 percent while the latter advanced 0.6 percent against the majors.
The economic calendar is relatively quiet in European trading hours. UK Industrial Production and German Trade Balance figures are tap but the outcomes seem unlikely to stir meaningful volatility for the British Pound or the Euro considering their limited implications for near-term BOE and ECB monetary policy.
On balance risk appetite trends seem likely to remain at the forefront. S&P 500 futures are pointing decidedly lower in late Asian trade hinting sentiment may remain under pressure in the hours ahead. That is likely to translate into continued gains for the Yen as well as outsized losses for commodity-bloc currencies.
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Asia Session
|
" style="text-align:center"> GMT |
" style="text-align:center"> CCY |
" style="text-align:center"> EVENT |
" style="text-align:center"> ACT |
" style="text-align:center"> EXP |
" style="text-align:center"> PREV |
|
" style="text-align:center"> 21:00 |
" style="text-align:center"> NZD |
ANZ Truckometer Heavy (MoM) (NOV) |
" style="text-align:center"> -2.9% |
" style="text-align:center"> - |
" style="text-align:center"> 0.8% |
|
" style="text-align:center"> 21:45 |
" style="text-align:center"> NZD |
Card Spending Total (MoM) (NOV) |
" style="text-align:center"> -0.3% |
" style="text-align:center"> - |
" style="text-align:center"> 1.5% |
|
" style="text-align:center"> 21:45 |
" style="text-align:center"> NZD |
Card Spending Retail (MoM) (NOV) |
" style="text-align:center"> -0.1% |
" style="text-align:center"> 0.2% |
" style="text-align:center"> 1.0% |
|
" style="text-align:center"> 22:30 |
" style="text-align:center"> AUD |
ANZ Roy Morgan Weekly Consumer Conf |
" style="text-align:center"> 110.4 |
" style="text-align:center"> - |
" style="text-align:center"> 113.9 |
|
" style="text-align:center"> 23:50 |
" style="text-align:center"> JPY |
Japan Money Stock M2 (YoY) (NOV) |
" style="text-align:center"> 3.6% |
" style="text-align:center"> 3.2% |
" style="text-align:center"> 3.2% |
|
" style="text-align:center"> 23:50 |
" style="text-align:center"> JPY |
Japan Money Stock M3 (YoY) (NOV) |
" style="text-align:center"> 2.9% |
" style="text-align:center"> 2.6% |
" style="text-align:center"> 2.6% |
|
" style="text-align:center"> 0:01 |
" style="text-align:center"> GBP |
BRC Sales Like-For-Like (YoY) (NOV) |
" style="text-align:center"> 0.9% |
" style="text-align:center"> 0.6% |
" style="text-align:center"> 0.0% |
|
" style="text-align:center"> 0:30 |
" style="text-align:center"> AUD |
NAB Business Confidence (NOV) |
" style="text-align:center"> 1 |
" style="text-align:center"> - |
" style="text-align:center"> 5 |
|
" style="text-align:center"> 0:30 |
" style="text-align:center"> AUD |
NAB Business Conditions (NOV) |
" style="text-align:center"> 5 |
" style="text-align:center"> - |
" style="text-align:center"> 13 |
|
" style="text-align:center"> 6:00 |
" style="text-align:center"> JPY |
Machine Tool Orders (YoY) (NOV P) |
" style="text-align:center"> - |
" style="text-align:center"> 30.8% |
European Session
|
" style="text-align:center"> GMT |
" style="text-align:center"> CCY |
" style="text-align:center"> EVENT |
" style="text-align:center"> EXP |
" style="text-align:center"> PREV |
" style="text-align:center"> IMPACT |
|
" style="text-align:center"> 6:45 |
" style="text-align:center"> CHF |
Unemployment Rate (NOV) |
" style="text-align:center"> 3.2% |
" style="text-align:center"> 3.1% |
" style="text-align:center"> Medium |
|
" style="text-align:center"> 6:45 |
" style="text-align:center"> CHF |
Unemployment Rate s.a. (NOV) |
" style="text-align:center"> 3.2% |
" style="text-align:center"> 3.2% |
" style="text-align:center"> Medium |
|
" style="text-align:center"> 7:00 |
" style="text-align:center"> EUR |
German Labor Costs s.a. (QoQ) (3Q) |
" style="text-align:center"> - |
" style="text-align:center"> 0.7% |
" style="text-align:center"> Low |
|
" style="text-align:center"> 7:00 |
" style="text-align:center"> EUR |
German Labor Costs w.d.a. (YoY) (3Q) |
" style="text-align:center"> - |
" style="text-align:center"> 1.7% |
" style="text-align:center"> Low |
|
" style="text-align:center"> 7:00 |
" style="text-align:center"> EUR |
German Trade Balance (€) (OCT) |
" style="text-align:center"> 18.9B |
" style="text-align:center"> 21.9B |
" style="text-align:center"> Medium |
|
" style="text-align:center"> 7:00 |
" style="text-align:center"> EUR |
German Current Account (€) (OCT) |
" style="text-align:center"> 18.0B |
" style="text-align:center"> 22.3B |
" style="text-align:center"> Low |
|
" style="text-align:center"> 7:00 |
" style="text-align:center"> EUR |
German Exports s.a. (MoM) (OCT) |
" style="text-align:center"> -1.7% |
" style="text-align:center"> 5.5% |
" style="text-align:center"> Low |
|
" style="text-align:center"> 7:00 |
" style="text-align:center"> EUR |
German Imports s.a. (MoM) (OCT) |
" style="text-align:center"> -1.7% |
" style="text-align:center"> 5.2% |
" style="text-align:center"> Low |
|
" style="text-align:center"> 9:30 |
" style="text-align:center"> GBP |
Industrial Production (YoY) (OCT) |
" style="text-align:center"> 1.8% |
" style="text-align:center"> 1.5% |
" style="text-align:center"> Medium |
|
" style="text-align:center"> 9:30 |
" style="text-align:center"> GBP |
Industrial Production (MoM) (OCT) |
" style="text-align:center"> 0.2% |
" style="text-align:center"> 0.6% |
" style="text-align:center"> Medium |
|
" style="text-align:center"> 9:30 |
" style="text-align:center"> GBP |
Manufacturing Production (MoM) (OCT) |
" style="text-align:center"> 0.2% |
" style="text-align:center"> 0.4% |
" style="text-align:center"> Medium |
|
" style="text-align:center"> 9:30 |
" style="text-align:center"> GBP |
Manufacturing Production (YoY) (OCT) |
" style="text-align:center"> 3.2% |
" style="text-align:center"> 2.9% |
" style="text-align:center"> Medium |
Critical Levels
|
" style="text-align:center"> CCY |
" style="text-align:center"> Supp 3 |
" style="text-align:center"> Supp 2 |
" style="text-align:center"> Supp 1 |
" style="text-align:center"> Pivot Point |
" style="text-align:center"> Res 1 |
" style="text-align:center"> Res 2 |
" style="text-align:center"> Res 3 |
|
" style="text-align:center"> EURUSD |
" style="text-align:center"> 1.2109 |
" style="text-align:center"> 1.2206 |
" style="text-align:center"> 1.2261 |
" style="text-align:center"> 1.2303 |
" style="text-align:center"> 1.2358 |
" style="text-align:center"> 1.2400 |
" style="text-align:center"> 1.2497 |
|
" style="text-align:center"> GBPUSD |
" style="text-align:center"> 1.5351 |
" style="text-align:center"> 1.5488 |
" style="text-align:center"> 1.5570 |
" style="text-align:center"> 1.5625 |
" style="text-align:center"> 1.5707 |
" style="text-align:center"> 1.5762 |
" style="text-align:center"> 1.5899 |
" style="text-align:justify"> --- Written by Ilya Spivak Currency Strategist for DailyFX.com
" style="text-align:justify"> To receive Ilya's analysis directly via email please SIGN UP HERE
" style="text-align:justify"> Contact and follow Ilya on Twitter: @IlyaSpivak
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