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.
New to FX? START HERE!
Asia Session
GMT
CCY
EVENT
ACT
EXP
PREV
21:00
NZD
ANZ Truckometer Heavy (MoM) (NOV)
-2.9%
–
0.8%
21:45
NZD
Card Spending Total (MoM) (NOV)
-0.3%
–
1.5%
21:45
NZD
Card Spending Retail (MoM) (NOV)
-0.1%
0.2%
1.0%
22:30
AUD
ANZ Roy Morgan Weekly Consumer Conf
110.4
–
113.9
23:50
JPY
Japan Money Stock M2 (YoY) (NOV)
3.6%
3.2%
3.2%
23:50
JPY
Japan Money Stock M3 (YoY) (NOV)
2.9%
2.6%
2.6%
0:01
GBP
BRC Sales Like-For-Like (YoY) (NOV)
0.9%
0.6%
0.0%
0:30
AUD
NAB Business Confidence (NOV)
1
–
5
0:30
AUD
NAB Business Conditions (NOV)
5
–
13
6:00
JPY
Machine Tool Orders (YoY) (NOV P)
–
30.8%
European Session
GMT
CCY
EVENT
EXP
PREV
IMPACT
6:45
CHF
Unemployment Rate (NOV)
3.2%
3.1%
Medium
6:45
CHF
Unemployment Rate s.a. (NOV)
3.2%
3.2%
Medium
7:00
EUR
German Labor Costs s.a. (QoQ) (3Q)
–
0.7%
Low
7:00
EUR
German Labor Costs w.d.a. (YoY) (3Q)
–
1.7%
Low
7:00
EUR
German Trade Balance (€) (OCT)
18.9B
21.9B
Medium
7:00
EUR
German Current Account (€) (OCT)
18.0B
22.3B
Low
7:00
EUR
German Exports s.a. (MoM) (OCT)
-1.7%
5.5%
Low
7:00
EUR
German Imports s.a. (MoM) (OCT)
-1.7%
5.2%
Low
9:30
GBP
Industrial Production (YoY) (OCT)
1.8%
1.5%
Medium
9:30
GBP
Industrial Production (MoM) (OCT)
0.2%
0.6%
Medium
9:30
GBP
Manufacturing Production (MoM) (OCT)
0.2%
0.4%
Medium
9:30
GBP
Manufacturing Production (YoY) (OCT)
3.2%
2.9%
Medium
Critical Levels
CCY
Supp 3
Supp 2
Supp 1
Pivot Point
Res 1
Res 2
Res 3
EURUSD
1.2109
1.2206
1.2261
1.2303
1.2358
1.2400
1.2497
GBPUSD
1.5351
1.5488
1.5570
1.5625
1.5707
1.5762
1.5899
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
To receive Ilya’s analysis directly via email, please SIGN UP HERE
Contact and follow Ilya on Twitter: @IlyaSpivak
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.Learn forex trading with a free practice account and trading charts from FXCM.
Source: Daily fx