News & Analysis at your fingertips.

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
Mixed
Oil - US Crude
Bearish
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
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
More View more
Real Time News
  • PBoC to remove counter-cyclical factor in Yuan fixing
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: 0.14% Wall Street: 0.01% FTSE 100: -0.20% Germany 30: -0.78% France 40: -1.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Q6UKBovHvF
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/3PZaK76ujX
  • Heads Up:🇿🇦 Unemployment Rate (Q3) due at 09:30 GMT (15min) Previous: 23.3% https://www.dailyfx.com/economic-calendar#2020-10-27
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT for insight on London #FX and #CFD trading. Register here: https://t.co/AoM3UvLtcF https://t.co/iSGErOq12D
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/oIGwwUxkA1
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/UYZKfhgVKI
  • 🇪🇸 Unemployment Rate (Q3) Actual: 16.26% Expected: 15.9% Previous: 15.33% https://www.dailyfx.com/economic-calendar#2020-10-27
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.88%, while traders in NZD/USD are at opposite extremes with 72.85%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AkpsGpdS41
  • Heads Up:🇪🇸 Unemployment Rate (Q3) due at 08:00 GMT (15min) Expected: 15.9% Previous: 15.33% https://www.dailyfx.com/economic-calendar#2020-10-27
Yen Jumps as Japan Reshuffles Cabinet, Pound Eyeing PMI Data

Yen Jumps as Japan Reshuffles Cabinet, Pound Eyeing PMI Data

2014-09-03 06:29:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • British Pound Outlook Clouded Before Augusts’ Services PMI Data Release
  • US Dollar Looks for Added Fuel in Factory Orders Report, Fed Beige Book
  • Aussie Dollar Corrects Higher, Yen Up as Japan PM Abe Reshuffles Cabinet

The Australian Dollar advanced in overnight trade, rising as much as 0.3 percent against its leading counterparts. The move appeared to reflect corrective price action after yesterday’s sharp decline rather than a discrete catalyst. Indeed, the release of Australian second-quarter GDP and Chinese PMI figures sparked a bit of volatility but offered little by way of directional conviction. The Yen likewise advanced after Prime Minister Shinzo Abe announced a re-shuffle of his cabinet. The announcement sent the benchmark Nikkei 225 stock index lower in afternoon trade, bolstering demand for the safe-haven Japanese unit.

Augusts’ UK Services PMI reading headlines the economic calendar in European hours. The index is expected to tick lower to 58.5 from an eight-month high at 59.1 recorded in the prior month. UK economic news-flow has increasingly improved relative to consensus forecasts in recent weeks, opening the door for an upside surprise. Such an outcome may boost BOE interest rate hike speculation, driving the British Pound higher.

It ought to be noted that Manufacturing and Construction PMI indexes produced mixed results earlier in the week however: Sterling advanced following a soft print on the former and tumbled following a strong outcome on the latter. Such counter-intuitive performance may have reflected thin trading conditions linked to the US markets being shuttered for the Labor Day holiday to start the week and liquidity’s subsequent return. In any case, attempting to construct a linear narrative on what may occur when today’s report is unveiled does not seem prudent.

Later in the day, the spotlight shifts back to US monetary policy considerations. July’s Factory Orders data is due to show an 11 percent surge, marking the largest monthly increase on record, while the Federal Reserve is set to release its Beige Book survey of regional economic conditions. The results may fuel continued US Dollar gains if the former outcome continues US data’s recent streak of outperformance while the latter reinforces growth acceleration bets, driving rate hike speculation.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Value of All Buildings s.a. (QoQ) (2Q)

1.0%

0.0%

15.0%

23:01

GBP

BRC Shop Price Index (YoY) (AUG)

-1.6%

-2.0%

-1.9%

23:30

AUD

AiG Performance of Service Index (AUG)

49.4

-

49.3

1:00

CNY

Non-manufacturing PMI (AUG)

54.4

-

54.2

1:30

AUD

Gross Domestic Product (YoY) (2Q)

3.1%

3.0%

3.4%

1:30

AUD

Gross Domestic Product (QoQ) (2Q)

0.5%

0.4%

1.1%

1:35

JPY

Markit Services PMI (AUG)

49.9

-

50.4

1:35

JPY

Markit/JMMA Composite PMI (AUG)

50.8

-

50.2

1:45

CNY

HSBC China Composite PMI (AUG)

52.8

-

51.6

1:45

CNY

HSBC China Services PMI (AUG)

54.1

-

50.0

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:45

EUR

Markit/ADACI Italy Composite PMI (AUG)

-

53.1

Low

7:45

EUR

Markit/ADACI Italy Services PMI (AUG)

52.0

52.8

Low

7:50

EUR

Markit France Composite PMI (AUG F)

50.0

50.0

Low

7:50

EUR

Markit France Services PMI (AUG F)

51.1

51.1

Low

7:55

EUR

Markit Germany Services PMI (AUG F)

56.4

56.4

Medium

7:55

EUR

Markit/BME Germany Composite PMI (AUG F)

54.9

54.9

Medium

8:00

EUR

Markit Eurozone Services PMI (AUG F)

53.5

53.5

Medium

8:00

EUR

Markit Eurozone Composite PMI (AUG F)

52.8

52.8

Medium

8:30

GBP

Markit/CIPS UK Composite PMI (AUG)

-

58.8

Medium

8:30

GBP

Markit/CIPS UK Services PMI (AUG)

58.5

59.1

Medium

8:30

GBP

Official Reserves (Changes) (AUG)

-

-$616M

Low

9:00

EUR

Euro-Zone Retail Sales (MoM) (JUL)

-0.3%

0.4%

Medium

9:00

EUR

Euro-Zone Retail Sales (YoY) (JUL)

0.9%

2.4%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.3073

1.3100

1.3117

1.3127

1.3144

1.3154

1.3181

GBPUSD

1.6224

1.6371

1.6420

1.6518

1.6567

1.6665

1.6812

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

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES