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Bullish
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Commodity Dollars Rise as Yen Gains on Firming Risk Appetite

Commodity Dollars Rise as Yen Gains on Firming Risk Appetite

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Commodity Dollars Aim Higher as Yen Falls Amid Firming Risk Sentiment
  • British Pound Declines, Newswires Cite Dovish BOE Rhetoric as Catalyst
  • See Economic News Directly on Your Charts with the DailyFX News App

The Australian, Canadian and New Zealand Dollars outperformed in overnight trade as firming risk appetite fueled demand for sentiment-geared FX. The MSCI Asia Pacific regional benchmark stock index rose 0.2 percent, hitting the highest level in six months. The Japanese Yen underperformed as investors’ rosy mood sapped demand for the safety-linked currency.

The British Pound likewise faced selling pressure in a move the newswires attributed to a delayed reaction to yesterday’s comments from Andy Haldane. The BOE’s Chief Economist warned that inflation risks are skewed to the downside, noting that the probability of a rate cut is “evenly balanced” with that of a hike.

That seems to contradict more hawkish comments from members of the central bank’s policy-setting MPC committee, presumably weighing on tightening bets. Measures of priced-in policy expectations have not meaningfully changed over the past 48 hours however, casting doubt on whether Mr. Haldane’s remarks were indeed as market-moving as news outlets suggested.

The meager handful of second-tier European economic data points and an empty US docket leave risk appetite as the dominant force driving currency markets through the end of the trading week. S&P 500 index futures are pointing firmly higher ahead of the opening bell on Wall Street, hinting a risk-on mood is likely to continue to propel the commodity Dollars upward while weighing on the Yen.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

21:00

NZD

ANZ Job Advertisements Data (FEB)

0.7%

-

-1.1%

21:45

NZD

Net Migration s.a. (FEB)

4820

-

5540

23:50

JPY

Bank of Japan Feb 17-18 Meeting Minutes

-

-

-

00:00

NZD

ANZ Consumer Confidence (MAR)

124.6

-

124.0

00:00

NZD

ANZ Consumer Confidence (MoM) (MAR)

0.5%

-

-3.8%

1:45

CNY

MNI Business Indicator (MAR)

52.2

-

52.8

2:00

NZD

Credit Card Spending (YoY) (FEB)

5.8%

-

6.2%

2:00

NZD

Credit Card Spending (MoM) (FEB)

-0.1%

-

2.0%

2:10

AUD

RBA’s Stevens Speaks in Melbourne

-

-

-

7:00

JPY

Convenience Store Sales (YoY) (FEB)

-1.4%

-

-0.7%

European Session

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

7:00

EUR

German Producer Prices (YoY) (FEB)

-2.1% (A)

-2.2%

Medium

7:00

EUR

German Producer Prices (MoM) (FEB)

0.1% (A)

-0.6%

Medium

9:00

EUR

Eurozone Current Account n.s.a (JAN)

€8.2B (A)

€35.2B

Low

9:00

EUR

Eurozone Current Account s.a (JAN)

€29.4B (A)

€22.5B

Low

9:30

GBP

Public Finances (PSNCR) (FEB)

-

-18.9B

Low

9:30

GBP

Public Sector Net Borrowing (FEB)

7.7B

-9.4B

Low

9:30

GBP

Central Government NCR (FEB)

-

-18.3B

Low

9:30

GBP

PSNB ex Banking Groups (FEB)

8.4B

-8.8B

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0119

1.0425

1.0542

1.0731

1.0848

1.1037

1.1343

GBPUSD

1.4175

1.4496

1.4625

1.4817

1.4946

1.5138

1.5459

--- 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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