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Forex Analysis: Yen Turns Lower as Alcoa Earnings Boost Risk Appetite

Forex Analysis: Yen Turns Lower as Alcoa Earnings Boost Risk Appetite

Ilya Spivak, Head Strategist, APAC

The Japanese Yen turned lower as upbeat earnings from Alcoa Inc dented demand for the haven currency. More of the same appears likely ahead.

Talking Points

  • Japanese Yen Sinks as Risk Appetite Firms on Alcoa Inc Earnings
  • Risk-On Mood Likely to Carry Forward Absent Other Catalysts

The Japanese Yen underperformed in overnight trade as Asian stocks advanced, denting demand for safe-haven currencies. The MSCI Asia Pacific regional benchmark equity index rose 0.3 percent, with sentiment buoyed by a better-than-expected fourth quarter earnings report from Alcoa Inc. The bellwether aluminum also offered an upbeat outlook for 2013, which traders interpreted as broadly supportive for risk appetite.

Looking ahead, the economic calendar is quiet Europe and the US. The earnings docket is likewise uneventful, leaving the aftermath of the Alcoa Inc report to continue playing out across financial markets as traders in Europe and the US get their chance to price in the announcement. S&P 500 index futures are moving cautiously higher in late Asian trade, bolstering the case for a risk-on mood ahead.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

21:45

NZD

Building Permits (MoM) (NOV)

-5.4%

1.7%

-2.0%

0:00

AUD

HIA New Home Sales (MoM) (NOV)

4.7%

-

3.6% (R+)

0:01

GBP

BRC Shop Price Index (YoY) (DEC)

1.5%

1.7%

1.5%

0:30

AUD

Job Vacancies (NOV)

-6.9%

-

4.1%

0:30

AUD

Retail Sales s.a. (MoM) (NOV)

-0.1%

0.3%

0.0%

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

9:00

EUR

Italian Deficit to GDP (YTD) (3Q)

-

5.0%

Low

9:30

GBP

Trade Balance Non EU (£) (NOV)

-4200

-4532

Low

9:30

GBP

Visible Trade Balance (£) (NOV)

-9000

-9539

Low

9:30

GBP

Total Trade Balance (£) (NOV)

-3000

-3644

Low

11:00

EUR

German Industrial Production (MoM) (NOV)

1.0%

-2.6%

Medium

11:00

EUR

German Industrial Production (YoY) (NOV)

-2.9%

-3.7%

Medium

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.3045

1.3128

GBPUSD

1.5971

1.6113

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

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

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