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.

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
EUR/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
Oil - US Crude
Bullish
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • The Japanese #Yen may rise if a growing number of coronavirus cases around the world puts a premium on anti-risk assets. JPY’s gains may be amplified if corporate earnings fail to impress investors. Get your #currencies update from @ZabelinDimitri here: https://t.co/yP4revKq6J https://t.co/7smgRKspLU
  • The US Dollar index (DXY) may face range bound conditions over the coming days amid the failed attempt to test the June low (95.75). Get your #currencies update from @DavidJSong here: https://t.co/GsBcE6Z4G6 https://t.co/HIJ4vvcBIg
  • The Dow Jones could fall based on positioning signals, will the growth-linked Australian Dollar and Canadian Dollar follow? If so, what are the technical barriers ahead? Find out from @ddubrovskyFX here:https://t.co/yJrlR5C00P https://t.co/FzkIBlJLHG
  • Further gains in USD/IDR could be curbed as USD/PHP establishes a floor around 2017 lows. USD/MYR may fall next as USD/SGD fast approaches a key falling trend line.Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/9JgZm2n8Fl https://t.co/FeBuqJ64qB
  • Japanese Yen Outlook Bullish on Coronavirus Surge, US Earnings Season https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2020/07/11/Japanese-Yen-Outlook-Bullish-on-Coronavirus-Surge-US-Earnings-Season.html
  • The New Zealand Dollar is aiming higher, with NZD/USD eyeing fresh yearly highs while AUD/NZD may be carving out a bearish Head and Shoulders chart pattern. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/osFxXvq5xF https://t.co/sKBkNvMvPz
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/3qXauAsm2Q
  • The Dow Jones and S&P 500 nervously face the earnings season as coronavirus deaths could reimpose lockdowns. The DAX 30 eyes an EU rescue package as the FTSE 100 awaits GDP data. Get your #equities update from @ddubrovskyFX here: https://t.co/A0k6JMMBOg https://t.co/iihbEYsfgi
  • It was a surprisingly quiet week in oil, with the net of this week’s price action showing a doji. But a longer-term formation has built that may open the door to that next trend. Get your #commodities update from @JStanleyFX here: https://t.co/zz6M2ce55V https://t.co/UxlbpgLBkq
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/beKjEODs2y
Yen Selling May Accelerate as Focus Turns to US ISM Report

Yen Selling May Accelerate as Focus Turns to US ISM Report

2013-03-01 11:27:00
Ilya Spivak, Head Strategist, APAC
Share:

The Japanese Yen may face increasing selling pressure if US ISM manufacturing data tops expectations, boosting risk sentiment across financial markets.

Talking Points

  • Yen Drops on Japanese Deflation Deepens, US ISM Data May Amplify Pressure
  • British Pound Sinks as PMI Data Disappoints, Stoking BOE Stimulus Expectations

The Japanese Yen edged lower in Asian trade after January’s Consumer Price Indexfigures showed deeper deflation than economists expected, with the headline year-on-year measure showing a drop of 0.3 percent. The outcome reinforced hopes for a more aggressive stimulus push from the Bank of Japan after vocally dovish Asian Development Bank President Haruhiko Kuroda was formally nominated to take over as Governor yesterday. The Nikkei 225 benchmark stock index advanced, reinforcing downward pressure on the safety-linked currency.

Looking ahead, all eyes are on February’s US ISM Manufacturing gauge. Consensus forecasts point to print at 52.5 compared with 53.1 in the prior month, marking a slowdown in factory-sector activity. US economic releases have conspicuously improved relative to expectations since the beginning of last month (according to data from Citigroup). A similar result this time around may help to relieve fears about the onset of “sequester” government spending cuts due to trigger today and threatening to undermine the recovery. This will probably bode well for risk appetite, sinking carry-funding currencies like the US Dollar and Yen against their top counterparts. USDJPY itself seems likely to rise given the greenback’s slight yield advantage.

The British Pound is facing heavy selling pressure in early European trade in the wake of a disappointing Manufacturing PMI release. February’s report showed factory-sector activity unexpectedly contracted at the fastest pace in four months. Forecasters were penciling in a narrow acceleration in growth before the data crossed the wires. The outcome bolstered expectations of a dovish turn at the Bank of England, with Sterling sinking alongside UK 2-year bond yields. We continue to hold short GBPUSD.

Asia Session:

GMT

CCY

EVENT

ACT

EXP

PREV

21:45

NZD

Terms of Trade Index (QoQ) (4Q)

-1.3%

1.4%

-3.2%

22:30

AUD

AiG Performance of Manufacturing Index (FEB)

45.6

-

40.2

23:00

AUD

RPData-Rismark House PX Actual (FEB)

0.3%

-

1.2%

23:30

JPY

National CPI (YoY) (JAN)

-0.3%

-0.2%

-0.1%

23:30

JPY

National CPI Ex-Fresh Food (YoY) (JAN)

-0.2%

-0.2%

-0.2%

23:30

JPY

National CPI Ex Food, Energy (YoY) (JAN)

-0.7%

-0.7%

-0.6%

23:30

JPY

Tokyo CPI (YoY) (FEB)

-0.9%

-0.6%

-0.5% (R+)

23:30

JPY

Tokyo CPI Ex-Fresh Food (YoY) (FEB)

-0.6%

-0.5%

-0.5%

23:30

JPY

Tokyo CPI Ex Food, Energy (YoY) (FEB)

-0.6%

-1.0%

-0.9%

23:30

JPY

Jobless Rate (JAN)

4.2%

4.2%

4.3% (R-)

23:30

JPY

Job-To-Applicant Ratio (JAN)

0.85

0.83

0.83 (R+)

23:30

JPY

Household Spending (YoY) (JAN)

2.4%

0.4%

-0.7%

23:50

JPY

Capital Spending (4Q)

-8.7%

-7.2%

2.2%

23:50

JPY

Capital Spending excl Software (4Q)

-7.2%

-6.5%

2.4%

23:50

JPY

Loans & Discounts Corp (YoY) (JAN)

1.34%

-

1.00%

1:00

CNY

Manufacturing PMI (FEB)

50.1

50.5

50.4

1:45

CNY

HSBC Manufacturing PMI (FEB)

50.4

50.6

52.3

5:00

JPY

Vehicle Sales (YoY) (FEB)

-12.2%

-

-12.9%

5:30

AUD

RBA Commodity Price Index (FEB)

91.1

-

88.0 (R-)

5:30

AUD

RBA Commodity Index SDR (YoY) (FEB)

-7.2%

-

-8.9% (R-)

Euro Session:

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

7:00

EUR

German Retail Sales (MoM) (JAN)

3.1% (A)

-2.1% (R-)

Medium

7:00

EUR

German Retail Sales (YoY) (JAN)

2.4% (A)

-3.7% (R+)

Medium

7:00

GBP

Nationwide House Prices s.a. (MoM) (FEB)

0.2% (A)

0.5%

Medium

7:00

GBP

Nationwide House Prices n.s.a. (YoY) (FEB)

0.0% (A)

0.0%

Medium

8:30

CHF

PMI Manufacturing (FEB)

50.8 (A)

52.5

Medium

8:45

EUR

Italian PMI Manufacturing (FEB)

45.8 (A)

47.8

Low

8:50

EUR

French PMI Manufacturing (FEB F)

43.9 (A)

43.6

Low

8:55

EUR

German PMI Manufacturing (FEB F)

50.3 (A)

50.1

Medium

9:00

EUR

Euro-Zone PMI Manufacturing (FEB F)

47.9 (A)

47.8

Medium

9:00

EUR

Italian Unemployment Rate s.a. (4Q)

11.2% (A)

10.6%

Low

9:00

EUR

Italian Unemployment Rate s.a. (JAN P)

11.7% (A)

11.2%

Low

9:30

GBP

PMI Manufacturing (FEB)

47.9 (A)

50.5 (R-)

Medium

9:30

GBP

Net Consumer Credit (JAN)

0.4B (A)

0.9B (R+)

Low

9:30

GBP

Net Lending Sec. on Dwellings (JAN)

0.1B (A)

0.9B (R-)

Low

9:30

GBP

Mortgage Approvals (JAN)

54.7K (A)

55.6K (R-)

Medium

9:30

GBP

M4 Money Supply (MoM) (JAN)

0.9% (A)

0.7%

Low

9:30

GBP

M4 Money Supply (YoY) (JAN)

-0.8% (A)

-1.0%

Low

9:30

GBP

M4 Ex IOFCs 3M Annualised (JAN)

5.6% (A)

3.9% (R+)

Low

10:00

EUR

Euro-Zone CPI Estimate (YoY) (FEB)

1.8% (A)

2.0%

High

10:00

EUR

Euro-Zone Unemployment Rate (JAN)

11.9% (A)

11.8% (R-)

Medium

11:00

EUR

ECB Announces 3-Year LTRO Repayment

-

-

High

11:00

EUR

Italian Annual GDP (2012)

-2.4% (A)

0.4%

Medium

11:00

EUR

Italian Deficit to GDP (2012)

3.0% (A)

3.9%

Medium

Critical Levels:

CCY

SUPPORT

RESISTANCE

EURUSD

1.3072

1.3177

GBPUSD

1.5097

1.5204

--- 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, please CLICK HERE

For live market updates, visit theDailyFX Real Time News Feed

New to FX? Check out this video for Basic Forex Trading Strategies.

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

DISCLOSURES

News & Analysis at your fingertips.