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Aussie Dollar Corrects Higher, Yen Falls in Thin Pre-Holiday Trade

Aussie Dollar Corrects Higher, Yen Falls in Thin Pre-Holiday Trade

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Australian Dollar Gains, Yen Falls Amid Correction in Risk Sentiment Trends
  • Thin Liquidity May Amplify Knee-Jerk Volatility, Undermine Follow-Through
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The sentiment-geared Australian Dollar outperformed in overnight trade while the safety-linked Japanese Yen traded higher as the markets corrected following Friday’s bout of risk aversion in the wake of Augusts’ US jobs report. The figures showed that world’s largest economy added 173,000 jobs last month, falling short of economists’ expectations calling for a 217,000 increase. The outcome appeared to fuel worries about slowing global growth.

The economic calendar is quiet in European trading hours while North American markets are closed for the Labor Day holiday, hinting that existing momentum faces relatively few hurdles in the coming hours and suggesting that a corrective mood may persist. Caution seems warranted however. Diminished liquidity conditions may serve to amplify volatility in the event that unexpected headline risk emerges. Furthermore, follow-through seems less likely on moves made in thin trade.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:30

AUD

AiG Perf of Construction Index (AUG)

53.8

-

47.1

23:50

JPY

Official Reserve Assets (AUG) $

1244.2B

-

1242.3B

01:30

AUD

ANZ Job Advertisements (MoM) (AUG)

1.0%

-

-0.5%

05:00

JPY

Leading Index CI (JUL P)

104.9

104.9

106.5

05:00

JPY

Coincident Index (JUL P)

112.2

112.2

112.3

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

06:00

EUR

German Industrial Production (MoM) (JUL)

1.1%

-1.4%

Medium

06:00

EUR

German Industrial Production (YoY) (JUL)

0.3%

0.6%

Medium

06:30

AUD

Foreign Reserves ($) (AUG)

-

68.9B

Low

07:00

CHF

Foreign Currency Reserves (AUG)

-

531.8B

Low

07:00

CHF

Total Sight Deposits (SEP 4)

-

463.9B

Low

07:00

CHF

Domestic Sight Deposits (SEP 4)

-

396.0B

Low

08:30

EUR

Eurozone Sentix Investor Confidence (SEP)

16.0

18.4

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0945

1.1044

1.1096

1.1143

1.1195

1.1242

1.1341

GBPUSD

1.4982

1.5093

1.5131

1.5204

1.5242

1.5315

1.5426

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

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