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Commodity Dollars Rise, Yen Falls as Risk Appetite Firms Overnight

Commodity Dollars Rise, Yen Falls as Risk Appetite Firms Overnight

2015-09-09 06:22:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • Commodity Dollars Gains, Japanese Yen Declines as Risk Appetite Firms
  • S&P 500 Index Futures Hint Risk-On Sentiment Likely to Carry Forward
  • See Economic News Directly on Your Charts with the DailyFX News App

The Australian, Canadian and New Zealand Dollars rallied as risk appetite firmed in overnight trade. The Japanese Yen weakened as the firming sentiment undercut demand for the safety-linked currency.

Asian shares soared in a move the news-wires chalked up to firming confidence in Chinese officials’ ability to stabilize on-shore markets. Data released over the weekend showed Chinese FX reserves fell by US$93.9 billion in August – the most since at least 1996 – to telegraph Beijing’s willingness to commit resources toward pushing back against recent turmoil.

The European calendar is relatively quiet in overnight trade, hinting risk sentiment trends are likely to remain in the driver’s seat for now. S&P 500 stock index futures are pointing firmly higher, suggesting the risk-on mood will probably carry onward and continue to boost high-yielding FX while weighing on funding currencies.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:01

GBP

BRC Shop Price Index (YoY) (AUG)

-1.4%

-0.2%

-1.4%

23:50

JPY

Money Stock M2 (YoY) (AUG)

4.2%

4.1%

4.0%

23:50

JPY

Money Stock M3 (YoY) (AUG)

3.4%

3.3%

3.3%

00:30

AUD

Westpac Consumer Conf Index (SEP)

93.9

-

99.5

00:30

AUD

Westpac Consumer Conf SA (MoM) (SEP)

-5.6%

-

7.8%

01:30

AUD

Home Loans (MoM) (JUL)

0.3%

0.8%

4.8%

01:30

AUD

Investment Lending (JUL)

0.5%

-

-0.5%

01:30

AUD

Owner-Occupier Loan Value (MoM) (JUL)

2.2%

-

6.7%

05:00

JPY

Consumer Confidence Index (AUG)

41.7

40.5

40.3

06:00

JPY

Machine Tool Orders (YoY) (AUG P)

-16.5%

-

1.7%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

08:30

GBP

Industrial Production (MoM) (JUL)

0.1%

-0.4%

Medium

08:30

GBP

Industrial Production (YoY) (JUL)

1.4%

1.5%

Medium

08:30

GBP

Manufacturing Production (MoM) (JUL)

0.2%

0.2%

Medium

08:30

GBP

Manufacturing Production (YoY) (JUL)

0.5%

0.5%

Medium

08:30

GBP

Visible Trade Balance (£/Mn) (JUL)

-9500

-9184

Low

08:30

GBP

Trade Balance Non EU (£/Mn) (JUL)

-1825

-1620

Low

08:30

GBP

Trade Balance (£/Mn) (JUL)

-1950

-1601

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.1041

1.1118

1.1160

1.1195

1.1237

1.1272

1.1349

GBPUSD

1.5076

1.5218

1.5307

1.5360

1.5449

1.5502

1.5644

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

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