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 |
Card Spending Total (MoM) (JUL) |
-0.1% |
- |
0.5% |
|
|
22:45 |
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 |
Fed’s Fischer Speaks in Stockholm |
- |
- |
Medium |
|
|
7:15 |
Retail Sales (Real) (YoY) (JUN) |
0.8% |
-0.6% |
Low |
|
|
8:30 |
Lloyds Employment Confidence (JUL) |
- |
1 |
Low |
Critical Levels
|
CCY |
Supp 3 |
Supp 2 |
Supp 1 |
Pivot Point |
Res 1 |
Res 2 |
Res 3 |
|
1.3218 |
1.3307 |
1.3358 |
1.3396 |
1.3447 |
1.3485 |
1.3574 |
|
|
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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