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Aussie, NZ Dollars Rise as Euro Falls Amid Post-FOMC Correction

Aussie, NZ Dollars Rise as Euro Falls Amid Post-FOMC Correction

Ilya Spivak,

Talking Points:

  • Australian, NZ Dollars Rebound as Euro Falls Amid Post-FOMC Correction
  • S&P 500 Futures Hint Risk-On Mood Likely into the End of the Trading Week
  • See Economic Releases Directly on Your Charts with the DailyFX News App

Currency markets were in corrective mode in overnight trade. The Australian and New Zealand Dollars outperformed having trailed their major counterparts in the prior session. Meanwhile, the Euro tracked lower after seeing standout gains in the preceding 24 hours. The single currency pushed higher as commodity bloc FX weakened into yesterday’s close as risk aversion broke out in the aftermath of the FOMC monetary policy announcement.

The Fed said “recent global economic and financial developments may restrain economic activity,” alluding to the tumult that broke out across the spectrum of asset classes in mid-August. The threat of slower US growth against a backdrop of lingering weakness in the Eurozone and China appears to have undermined overall global output bets, weighing on sentiment.

A quiet economic calendar in European trading hours is likely to see risk appetite remain in the driver’s seat. S&P 500 futures are pointing higher, hinting a risk-on mood is poised to prevail into the week-end. This bodes well for higher-yielding currencies while spelling trouble for anti-risk alternatives including the Euro and the Japanese Yen.

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Asia Session

GMTCCYEVENTACTEXPPREV
22:00NZDANZ Job Advertisements (MoM) (AUG)-1.7%-0.0%
23:50JPYBOJ Releases Minutes of August Meeting ---
01:00NZDANZ Consumer Confidence Index (SEP)110.8-109.8
01:00NZDANZ Consumer Confidence (MoM) (SEP)0.9%--3.6%
01:30CNYChina August Property Prices ---
05:30JPYNationwide Dept Sales (YoY) (AUG)2.7%-3.4%
05:30JPYTokyo Dept Store Sales (YoY) (AUG)6.1%-7.2%

European Session

GMTCCYEVENTEXPPREVIMPACT
08:00EUREurozone Current Account SA (JUL)-25.4BLow
08:00EUREurozone Current Account NSA (JUL)-31.1BLow

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3
EURUSD1.10751.12311.13331.13871.14891.15431.1699
GBPUSD1.52841.54261.55081.55681.56501.57101.5852

--- 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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