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US Dollar Gains on Earnings Season Jitters, Citigroup Results on Tap

US Dollar Gains on Earnings Season Jitters, Citigroup Results on Tap

2012-10-15 07:00:00
Ilya Spivak, Head Strategist, APAC
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The US Dollar rose overnight as markets turned defensive ahead of a pickup in the third-quarter corporate earnings reporting season. Citigroup results are on tap.

Talking Points

  • Overnight Dollar Gains May Be Linked Fears Surrounding Q3 Earnings
  • US Economic Data, Citigroup Inc Results Headline Scheduled Event Risk

The US Dollar pushed higher broadly higher in overnight trade. While a single catalyst for the advance is not readily apparent, a pickup in haven demand for the greenback seems reasonable as traders cast a worried eye toward the week ahead. The third-quarter corporate earnings reporting season gathers pace over the coming days – 84 members of the S&P 500 are due to release results – and traders may be positioning for companies’ guidance to point to a deepening slowdown in global performance.

Citigroup Inc headlines today’s earnings docket. The earnings of large financial institutions may prove particularly telling in revealing the discrete and overlapping implications of economic and financial vulnerabilities plaguing the global outlook. With that in mind, traders will be keen to see not how the third-largest US bank faired over the past three months and where it sees its fortunes heading from here.

On the data front, the European calendar is broadly uneventful, shifting the spotlight to September’s US Retail Sales data and October’s Empire Manufacturing survey of New York State factory-sector activity. Positive outcomes are likely to support risk appetite, buoying hopes that a firmer US recovery will help offset sluggish performance elsewhere and weighing on the greenback against most of its top counterparts (with the likely exception of the Yen). Soft results will probably produce the opposite dynamic.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

21:30

NZD

Performance Services Index (SEP)

49.6

-

50.0

23:01

GBP

Rightmove House Prices (MoM) (OCT)

3.5%

-

-0.6%

23:01

GBP

Rightmove House Prices (YoY) (OCT)

1.5%

-

0.7%

0:00

AUD

Owner-Occupied Home Loan Values (MoM) (AUG)

1.3%

-

-0.9% (R+)

0:30

AUD

Home Loans (AUG)

1.8%

1.5%

-0.7% (R+)

0:30

AUD

Investment Lending (AUG)

-0.8%

-

-1.6% (R+)

0:30

AUD

New Motor Vehicle Sales (MoM) (SEP)

4.7%

-

4.3% (R+)

0:30

AUD

New Motor Vehicle Sales (YoY) (SEP)

14.4%

-

6.6% (R+)

1:30

CNY

Consumer Price Index (YoY) (SEP)

1.9%

1.9%

2.0%

1:30

CNY

Producer Price Index (YoY) (SEP)

-3.6%

-3.5%

-3.5%

4:30

JPY

Industrial Production (MoM) (AUG F)

-1.6%

-

-1.3%

4:30

JPY

Industrial Production (YoY) (AUG F)

-4.6%

-

-4.3%

4:30

JPY

Capacity Utilization (MoM) (AUG F)

-2.6%

-

0.5%

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:15

CHF

Producer & Import Prices (YoY) (SEP)

0.1%

-0.1%

Low

7:15

CHF

Producer & Import Prices (MoM) (SEP)

0.2%

0.5%

Low

8:30

EUR

Italian General Government Debt (€) (AUG)

-

1967.5B

Medium

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2885

1.2988

GBPUSD

1.5985

1.6107

--- 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

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