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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

GMTCCYEVENTACTEXPPREV
23:30AUDAiG Perf of Construction Index (AUG)53.8-47.1
23:50JPYOfficial Reserve Assets (AUG) $1244.2B-1242.3B
01:30AUDANZ Job Advertisements (MoM) (AUG)1.0%--0.5%
05:00JPYLeading Index CI (JUL P)104.9104.9106.5
05:00JPYCoincident Index (JUL P)112.2112.2112.3

European Session

GMTCCYEVENTEXPPREVIMPACT
06:00EURGerman Industrial Production (MoM) (JUL)1.1%-1.4%Medium
06:00EURGerman Industrial Production (YoY) (JUL)0.3%0.6%Medium
06:30AUDForeign Reserves ($) (AUG)-68.9BLow
07:00CHFForeign Currency Reserves (AUG)-531.8BLow
07:00CHFTotal Sight Deposits (SEP 4)-463.9BLow
07:00CHFDomestic Sight Deposits (SEP 4)-396.0BLow
08:30EUREurozone Sentix Investor Confidence (SEP)16.018.4Low

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3
EURUSD1.09451.10441.10961.11431.11951.12421.1341
GBPUSD1.49821.50931.51311.52041.52421.53151.5426

--- 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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