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Yen May Continue Higher as Aussie, NZ Dollars Fall on Risk Aversion

Yen May Continue Higher as Aussie, NZ Dollars Fall on Risk Aversion

2014-12-09 05:51:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • Aussie and NZ Dollars Fall, Yen Gains as Risk Aversion Grips Asian Markets
  • Currencies to Look Past German, UK Data with Sentiment Trends in Focus
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The Australian Dollar underperformed in overnight trade, falling as much as 0.8 percent on average against its leading counterparts. The move tracked a drop in futures on Australia’s benchmark S&P/ASX 200 stock index, pointing to risk aversion as the catalyst behind the impetus to sell the sentiment-linked currency.

The broader MSCI Asia Pacific regional benchmark equity index declined 0.7 percent, pulling the risk-geared New Zealand Dollar downward and boosting haven demand for the Japanese Yen. The former currency lost as much as 0.4 percent while the latter advanced 0.6 percent against the majors.

The economic calendar is relatively quiet in European trading hours. UK Industrial Production and German Trade Balance figures are tap, but the outcomes seem unlikely to stir meaningful volatility for the British Pound or the Euro considering their limited implications for near-term BOE and ECB monetary policy.

On balance, risk appetite trends seem likely to remain at the forefront. S&P 500 futures are pointing decidedly lower in late Asian trade, hinting sentiment may remain under pressure in the hours ahead. That is likely to translate into continued gains for the Yen as well as outsized losses for commodity-bloc currencies.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

21:00

NZD

ANZ Truckometer Heavy (MoM) (NOV)

-2.9%

-

0.8%

21:45

NZD

Card Spending Total (MoM) (NOV)

-0.3%

-

1.5%

21:45

NZD

Card Spending Retail (MoM) (NOV)

-0.1%

0.2%

1.0%

22:30

AUD

ANZ Roy Morgan Weekly Consumer Conf

110.4

-

113.9

23:50

JPY

Japan Money Stock M2 (YoY) (NOV)

3.6%

3.2%

3.2%

23:50

JPY

Japan Money Stock M3 (YoY) (NOV)

2.9%

2.6%

2.6%

0:01

GBP

BRC Sales Like-For-Like (YoY) (NOV)

0.9%

0.6%

0.0%

0:30

AUD

NAB Business Confidence (NOV)

1

-

5

0:30

AUD

NAB Business Conditions (NOV)

5

-

13

6:00

JPY

Machine Tool Orders (YoY) (NOV P)

-

30.8%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

6:45

CHF

Unemployment Rate (NOV)

3.2%

3.1%

Medium

6:45

CHF

Unemployment Rate s.a. (NOV)

3.2%

3.2%

Medium

7:00

EUR

German Labor Costs s.a. (QoQ) (3Q)

-

0.7%

Low

7:00

EUR

German Labor Costs w.d.a. (YoY) (3Q)

-

1.7%

Low

7:00

EUR

German Trade Balance (€) (OCT)

18.9B

21.9B

Medium

7:00

EUR

German Current Account (€) (OCT)

18.0B

22.3B

Low

7:00

EUR

German Exports s.a. (MoM) (OCT)

-1.7%

5.5%

Low

7:00

EUR

German Imports s.a. (MoM) (OCT)

-1.7%

5.2%

Low

9:30

GBP

Industrial Production (YoY) (OCT)

1.8%

1.5%

Medium

9:30

GBP

Industrial Production (MoM) (OCT)

0.2%

0.6%

Medium

9:30

GBP

Manufacturing Production (MoM) (OCT)

0.2%

0.4%

Medium

9:30

GBP

Manufacturing Production (YoY) (OCT)

3.2%

2.9%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.2109

1.2206

1.2261

1.2303

1.2358

1.2400

1.2497

GBPUSD

1.5351

1.5488

1.5570

1.5625

1.5707

1.5762

1.5899

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

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