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Aussie and NZ Dollars Rise, Yen Drops as China Expands Stimulus

Aussie and NZ Dollars Rise, Yen Drops as China Expands Stimulus

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Aussie and Kiwi Dollars Rise, Yen Drops as China Expands Stimulus Effort
  • Euro Unlikely to Find a Lasting Catalyst in German IFO Survey Outcome
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The Australian and New Zealand Dollars outperformed in overnight trade after China expanded monetary stimulus efforts, cutting its one-year lending rate by 40 basis points to 5.6 percent. The East Asian giant is Australia and New Zealand’s largest export market so a more aggressive pro-growth effort there bodes well for the two Oceanic countries’ cross-border sales prospects, which is in turn supportive for overall growth and monetary policy bets.

The Japanese Yen proved weakest on the session as China’s move lifted spirits across Asian stock exchanges, denting demand for the safety-linked currency. The MSCI Asia Pacific regional benchmark stock index (excluding Japan, where markets are closed for a holiday) jumped 1.2 percent. The Yen lost as much as 0.5 percent on average against its leading counterparts.

Germany’s IFO Survey of business confidence headlines the economic calendar in European trading hours. The headline Business Climate gauge is expected to edge down to 103.0 in November, marking the weakest reading since December 2012. The outcome’s impact on the Euro may prove lackluster however given its limited implications for the near-term trajectory of ECB policy. Indeed, the central bank is probably in wait-and-see mode for now as Mario Draghi and company continue to implement and evaluate the medley of stimulus measures introduced over recent months.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

21:45

NZD

Net Migration (OCT)

5250

-

4670

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

9:00

EUR

German IFO – Expectations (NOV)

95.5

98.3

Medium

9:00

EUR

German IFO - Business Climate (NOV)

103.0

103.2

Medium

9:00

EUR

German IFO - Current Assessment (NOV)

108.0

108.4

Medium

10:00

EUR

ECB's Coeure Speaks in London

-

-

Low

13:00

EUR

ECB's Weidmann Speaks in Madrid

-

-

Low

14:30

EUR

ECB Announces Covered-Bond Purchases

-

-

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.2059

1.2252

1.2322

1.2445

1.2515

1.2638

1.2831

GBPUSD

1.5489

1.5577

1.5617

1.5665

1.5705

1.5753

1.5841

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

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

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