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Forex: Yen Gains, Commodity Dollars Fall as US Budget Impasse Festers

Forex: Yen Gains, Commodity Dollars Fall as US Budget Impasse Festers

Ilya Spivak, Head Strategist, APAC

Talking Points

  • Yen Gains, Commodity Dollars Fall Amid Lingering US Budget Impasse
  • S&P 500 Futures Trading Lower, Hinting Risk Aversion Will Continue
  • Markets Highly Sensitive to Headline Risk, Vulnerable to Sharp Reversals

The Japanese Yen outperformed on the back of haven-seeking capital inflows overnight, rising against all of its major counterparts as Asian stocks declined. The sentiment-sensitive Australian, Canadian and New Zealand Dollars traded weakest on the session. The MSCI Asia Pacific regional benchmark equity index fell 0.9 percent as the deadlock over US budget policy continued to drive worries about the implications of significant fiscal retrenchment in the world’s largest economy on global growthoverall.

The economic calendar is relatively quiet in European and US trading hours, hinting the debacle in Washington DC is likely to remain at center stage for now. S&P 500 futures are pointing sharply lower, arguing for continued risk aversion in the hours ahead. The situation is highly fluid however, meaning an unexpected headline pointing to some kind of breakthrough in Congressional negotiations may quickly change the sentiment landscape, prompting reversals across the financial markets.

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Asia Session:

GMT

CCY

EVENT

ACT

EXP

PREV

22:30

AUD

AiG Performance of Construction Index (SEP)

47.6

-

43.7

23:50

JPY

Official Reserve Assets (SEP)

$1273.5B

-

$1254.2B

5:00

JPY

Leading Index (AUG P)

106.5

106.6

107.9

5:00

JPY

Coincident Index (AUG P)

107.6

107.6

107.7

5:00

JPY

BOJ Monthly Economic Report for (OCT)

-

-

-

Euro Session:

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

7:00

CHF

Foreign Currency Reserves (SEP)

432.0B

434.2B

Low

8:30

EUR

Eurozone Sentix Investor Confidence (OCT)

10.6

6.5

Low

Critical Levels:

CCY

SUPP 3

SUPP 2

SUPP 1

Pivot Point

RES 1

RES 2

RES 3

EURUSD

1.3390

1.3483

1.3520

1.3576

1.3613

1.3669

1.3762

GBPUSD

1.5721

1.5893

1.5951

1.6065

1.6123

1.6237

1.6409

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

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