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Yen Pulls Back as Risk Appetite Firms, Dollar Eyeing Fischer Comments

Yen Pulls Back as Risk Appetite Firms, Dollar Eyeing Fischer Comments

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Yen Falls, Aussie and NZ Dollars Rise Amid Risk Appetite Recovery
  • US Dollar Looking to Comments from Fed’s Fischer for Guidance
  • See Economic Releases on Your Charts with the DailyFX News App

The safe-haven Japanese Yen narrowly underperformed while the sentiment-linked Australian and New Zealand Dollars proved best-supported as risk appetite recovered at the start of the trading week. The MSCI Asia Pacific stock index added 1.2 percent in a move that appeared to be corrective after the regional equities benchmark finished last week with the largest drawdown in five months. S&P 500 futures are pointing higher in late overnight trade, hinting that more of the same is ahead.

A quiet economic data docket in Europe and the US puts the spotlight on “Fed-speak” as the Vice Chair of the US central bank Stanley Fischer takes to the wires. The central object of speculation continues to be the time gap between the end of QE3 asset purchases in October and the first subsequent interest rate hike. With that in mind, rhetoric suggesting the economy may be able to withstand tightening relatively sooner is likely to drive the US Dollar, and vice versa.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Card Spending Total (MoM) (JUL)

-0.1%

-

0.5%

22:45

NZD

Card Spending Retail (MoM) (JUL)

0.0%

0.5%

0.0%

23:50

JPY

Tertiary Industry Index (MoM) (JUN)

-0.1%

0.0%

0.9%

23:50

JPY

Money Stock M2 (YoY) (JUL)

3.0%

3.0%

3.0%

23:50

JPY

Money Stock M3 (YoY) (JUL)

2.4%

2.4%

2.5%

5:00

JPY

Consumer Confidence Index (JUL)

42.0

41.1

6:00

JPY

Machine Tool Orders (YoY) (JUL P)

-

34.1%

European Session

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

7:15

USD

Fed’s Fischer Speaks in Stockholm

-

-

Medium

7:15

CHF

Retail Sales (Real) (YoY) (JUN)

0.8%

-0.6%

Low

8:30

GBP

Lloyds Employment Confidence (JUL)

-

1

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.3218

1.3307

1.3358

1.3396

1.3447

1.3485

1.3574

GBPUSD

1.6657

1.6724

1.6749

1.6791

1.6816

1.6858

1.6925

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

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