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US Dollar Retreat Likely to Continue on Firming Risk Appetite

US Dollar Retreat Likely to Continue on Firming Risk Appetite

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Sold as Asian Stocks Rise, Denting Haven Demand
  • S&P 500 Futures Hint Risk-On Mood to Carry into Weekend

The US Dollar declined overnight as Asian stocks advanced, eroding demand for the go-to haven currency. The MSCI Asia Pacific regional benchmark equity index added 0.6 percent. The telecom sector led shares higher in a move the newswires linked to the debut of the iPhone 5. Chinese economic data reinforced the chipped mood, with the MNI Business Sentiment Indicator rising to a three-month high in September. The Australian Dollar outperformed, adding as much as 0.4 percent against the greenback.

The economic calendar is relatively uneventful in European hours and the US docket is outright empty, hinting broad-based sentiment trends are likely to remain in control of FX market price action. With that in mind, risk-on conditions appear likely to persist as S&P 500 index futures press higher to set session highs ahead of the opening bell in Europe. This hints the Dollar is likely to remain on the defensive into the week-end.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Net Migration s.a. (AUG)

-340

-

-640

0:00

AUD

Conference Board Leading Index (JUL)

0.0%

-

0.5%

1:35

CNY

MNI Flash Business Sentiment Indicator (SEP)

50.31

-

47.54

3:00

NZD

Credit Card Spending s.a. (MoM) (AUG)

0.1%

-

-1.5%

3:00

NZD

Credit Card Spending (YoY) (AUG)

1.9%

-

0.1%

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

6:45

EUR

French Wages (QoQ) (2Q F)

-

0.5

Low

7:00

CHF

Money Supply M3 (YoY) (AUG)

-

9.8%

Low

8:30

GBP

Public Sector Net Borrowing (£) (AUG)

13.2B

-1.8B

Low

8:30

GBP

Public Finances (PSNCR) (£) (AUG)

-5.5B

-22.9B

Low

8:30

GBP

PSNB ex Interventions (AUG)

15.0B

0.6B

Low

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2906

1.3045

GBPUSD

1.6174

1.6349

--- 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.

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