News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • RBA's Lowe: In some scenarios, rate-rise conditions met during 2024, in others, not met in 2024 -BBG
  • RBA's Lowe: YCC to be decided by chance of rate-rise in next 3 years, RBA reviewed 'range of possible scenarios' for cash rate -BBG
  • Natural gas spot prices have been on the rise, recapturing a key trendline, following the EIA’s Short-Term Energy Outlook. Where can prices head from here? Find out from @FxWestwater here:https://t.co/yK48nZD1ag https://t.co/U485oUHiSo
  • Heads Up:🇦🇺 RBA Gov Lowe Speech due at 00:10 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-17
  • 🇯🇵 Foreign Bond Investment (12/JUN) Actual: ¥410.6B Previous: ¥664.8B https://www.dailyfx.com/economic-calendar#2021-06-16
  • Bank of Canada's Macklem: Stronger Canadian Dollar reflects higher commodity prices, CAD is one risk for outlook outlined in MPR -BBG
  • Heads Up:🇯🇵 Foreign Bond Investment (12/JUN) due at 23:50 GMT (15min) Previous: ¥665.9B https://www.dailyfx.com/economic-calendar#2021-06-16
  • 10 out of 11 S&P 500 sectors ended lower, with 80.2% of the index’s constituents closing in the red. Utilities (-1.49%), consumer staples (-1.24%) and materials (-1.17%) were among the worst performers, whereas consumer discretionary (+0.16%) was the only sector closed higher. https://t.co/Je17NHu0cQ
  • The Swiss Franc has seen a bout of strength in recent months against several peer currencies. Here are technical levels to watch in USD/CHF, EUR/CHF, and CHF/JPY.Get your market update from @FxWestwater here:https://t.co/e2kHTtBHW3 https://t.co/ck8GTIJyrW
  • RT @FxWestwater: New Zealand Dollar Forecast: Upbeat GDP Revives $NZDUSD After #FOMC Drop Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/06/16/New-Zealand-Dollar-Forecast-Upbeat-GDP-Revives-NZDUSD-After-FOMC-Drop.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/MyHdd…
Yen Soars as China Sets Soft GDP Goal, Stoking Global Slowdown Fears

Yen Soars as China Sets Soft GDP Goal, Stoking Global Slowdown Fears

Ilya Spivak, Head Strategist, APAC

Talking Points

  • Yen Soars as China Drops 2012 GDP Growth Target Below 8 Percent
  • Softer Services PMI/ISM Readings to Reinforce Global Slowdown Fears
  • Dallas Fed’s Fisher May Boost Risk Aversion with Anti-QE3 Rhetoric

The Japanese Yen soared overnight, adding as much as 0.9 percent on average against its leading counterparts, as a selloff across Asian bourses stocked safe-haven demand. The MSCI Asia Pacific regional benchmark stock index sank after Chinese Premier Wen Jiabao said his country will officially target a GDP growth rate of 7.5 percent in 2012. This marks the lowest goal since 2004 and – if achieved – would amount to the weakest performance since 1990. The US Dollar likewise rose against overtly growth-linked currencies including its Australian, Canadian and New Zealand namesakes but performance was mixed against the other non-Yen majors.

Looking ahead, global slowdown concerns appear like to remain in focus. UK Services PMI is expected to print lower in February, snapping a three-month winning streak. The analogous US ISM Non-Manufacturing Composite gauge is likewise expected to pull back over the same period after hitting an 11-month high in January. Futures tracking the benchmark S&P 500 stock index – a proxy for overall sentiment trends – are pointing sharply lower to suggest risk aversion remains the dominant theme across the markets. A speech from Dallas Fed President Richard Fisher on “The State of the Economy” may also prove market-moving, particularly if the remarks echo the moderation in dovish rhetoric seen in Ben Bernanke’s testimony last week. Against the current backdrop, further evidence that a QE3 program is becoming increasingly unlikely would probably amplify risk-averse tendencies.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

21:45

NZD

Net Migration s.a. (JAN)

-650

-

-530 (R-)

21:45

NZD

Value of All Buildings (4Q)

2.9%

2.0%

-1.6% (R+)

22:30

AUD

AiG Performance of Service Index (FEB)

46.7

-

51.9

23:30

AUD

TD Securities Inflation (MoM) (FEB)

0.1%

-

0.2%

23:30

AUD

TD Securities Inflation (YoY) (FEB)

2.0%

-

2.2%

0:01

GBP

Lloyds Business Barometer (FEB)

1

-

-11

0:30

AUD

Company Operating Profit (QoQ) (4Q)

-6.5%

0.0%

4.8%

0:30

AUD

Inventories (4Q)

1.4%

0.3%

-1.1%

0:30

AUD

ANZ Job Advertisements (MoM) (FEB)

3.3%

-

7.5% (R+)

2:30

CNY

China HSBC Services PMI (FEB)

53.9

-

52.5

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

8:15

CHF

Retail Sales (Real) (YoY) (JAN)

-

0.6%

Low

8:45

EUR

Italian PMI Services (FEB)

45.2

44.8

Low

8:50

EUR

French PMI Services (FEB F)

50.3

50.3

Low

8:55

EUR

German PMI Services (FEB F)

52.6

52.6

Medium

9:00

EUR

Euro-Zone PMI Composite (FEB F)

49.7

49.7

Medium

9:00

EUR

Euro-Zone PMI Services (FEB F)

49.4

49.4

Medium

9:00

EUR

Italy PPI (YoY) (JAN)

3.4%

4.0%

Low

9:00

EUR

Italy PPI (MoM) (JAN)

0.6%

0.1%

Low

9:30

GBP

PMI Services (FEB)

54.9

56

Medium

9:30

EUR

Euro-Zone Sentix Investor Confidence (MAR)

-5

-11.1

Low

9:30

GBP

Official Reserves (Changes)

-

$2477M

Low

10:00

EUR

Euro-Zone Retail Sales (MoM) (JAN)

-0.1%

-0.3%

Medium

10:00

EUR

Euro-Zone Retail Sales (YoY) (JAN)

-1.5%

-1.3%

Medium

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.3093

1.3292

GBPUSD

1.5732

1.5926

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES