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Aussie Dollar Sinks, Yen Gains as Risk Aversion Grips the Markets

Aussie Dollar Sinks, Yen Gains as Risk Aversion Grips the Markets

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Aussie Dollar Down, Yen Higher as Chinese PMI Compounds Risk Aversion
  • S&P 500 Futures Point to Respite in Market Liquidation into the Week-End
  • See Economic Releases Directly on Your Charts with the DailyFX News App

Risk aversion defined currency market price action in overnight trade. The sentiment-linked Australian Dollar underperformed while the Japanese Yen rallied as traders unwound carry trades funded in terms of the perennial low-yielder. Asian stock exchanges are on pace for the worst week since 2012, with the MSCI Asia Pacific regional benchmark index recording a drop of over 2 percent.

Continued turmoil in the emerging markets space and strong negative carry-over from a dismal US trading session were compounded by a disappointing Chinese Manufacturing PMI figure. The index dropped to 47.1 in August, missing expectations calling for a print at 48.2 and pointing to the fastest pace of factory-sector contraction in at least three years (records go back to August 2012).

Looking ahead, S&P 500 index futures have notably recovered after hitting a six-month low in early Asian trade, suggesting sentiment may stabilize into the week-end and offer a brief respite from market-wide liquidation. Augusts’ preliminary US Manufacturing PMI print headlines the economic calendar. Consensus forecast call for the index to register at 53.8, unchanged from the prior month.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Net Migration SA (JUL)

5740.0

-

4900.0

01:35

JPY

Nikkei Japan PMI Mfg (AUG P)

51.9

-

51.2

01:45

CNY

Caixin China PMI Mfg (AUG P)

47.1

48.2

47.8

03:00

NZD

Credit Card Spending (MoM) (JUL)

1.7%

-

0.3%

03:00

NZD

Credit Card Spending (YoY) (JUL)

9.7%

-

6.6%

05:00

JPY

Supermarket Sales (YoY) (JUL)

1.9%

-

0.3%

European Session

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

06:00

EUR

German GfK Consumer Conf (SEP)

9.9 (A)

10.1

Low

07:00

CHF

Money Supply M3 (YoY) (JUL)

1.9% (A)

2.1%

Low

07:00

EUR

Markit France Composite PMI (AUG P)

51.3 (A)

51.5

Low

07:00

EUR

Markit France Mfg PMI (AUG P)

48.6 (A)

49.6

Low

07:00

EUR

Markit France Mfg PMI (AUG P)

51.8 (A)

53.8

Low

07:30

EUR

Markit/BME Germany Composite PMI (AUG P)

54.0 (A)

53.7

Medium

07:30

EUR

Markit/BME Germany Mfg PMI (AUG P)

53.2 (A)

51.8

Medium

07:30

EUR

Markit Germany Services PMI (AUG P)

53.6 (A)

53.8

Medium

08:00

EUR

Markit Eurozone Composite PMI (AUG P)

54.1 (A)

53.9

Medium

08:00

EUR

Markit Eurozone Mfg PMI (AUG P)

52.4 (A)

52.4

Medium

08:00

EUR

Markit Eurozone Services PMI (AUG P)

54.3 (A)

54.0

Medium

08:30

GBP

Public Finances (PSNCR) (JUL)

-3.0B (A)

15.4B

Low

08:30

GBP

Central Government NCR (JUL)

-0.2B (A)

17.8B

Low

08:30

GBP

Public Sector Net Borrowing (JUL)

-2.1B (A)

8.6B

Low

08:30

GBP

PSNB ex Banking Groups (JUL)

-1.3B (A)

9.4B

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0922

1.1060

1.1151

1.1198

1.1289

1.1336

1.1474

GBPUSD

1.5474

1.5570

1.5630

1.5666

1.5726

1.5762

1.5858

--- 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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