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Yen Aims to Extend Gains as Risk Aversion Continues to Sweep Markets

Yen Aims to Extend Gains as Risk Aversion Continues to Sweep Markets

2015-11-16 07:37:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • Euro Declines, Japanese Yen Gains Amid Risk Aversion in Overnight Trade
  • S&P 500 Futures Hint Risk-Off Trade to Continue in European, US Sessions
  • Final Eurozone CPI Data, Draghi Commentary to Inform ECB Policy Bets

The anti-risk Japanese Yen traded higher as risk aversion gripped financial markets at the start of the trading week, adding as much as 0.6 percent on average against its top counterparts. The MSCI Asia Pacific regional benchmark stock index fell percent. The Euro faced broad-based selling pressure, falling as much as 0.7 percent against the majors.

More of the same looks likely ahead. S&P 500 futures are pointing firmly lower in late Asian hours, hinting that sentiment will remain under pressure in on-coming trade. That bodes well for the Yen and may put risk-geared currencies like the Australian Dollar under pressure.

The final set of October’s Eurozone CPI figures headlines the economic data docket. The core year-on-year inflation rate is expected to register at 1 percent, confirming flash estimates. ECB President Mario Draghi is likewise scheduled to speak.

Traders will size up both outcomes to inform speculation about the likelihood of stimulus expansion at next month’s policy meeting and the strategy for its delivery. The ECB may opt to expand the scope of QE-eligible instruments, an outright increase in the size of monthly asset purchases, a cut in the deposit rate, or some combination thereof.

Losing Money Trading Forex? This Might Be Why.

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

21:30

NZD

Performance Services Index (OCT)

56.2

-

59.0

21:45

NZD

Retail Sales Ex Inflation (QoQ) (3Q)

1.6%

1.4%

0.1%

23:50

JPY

GDP SA (QoQ) (3Q P)

-0.2%

-0.1%

-0.2%

23:50

JPY

GDP Annualized SA (QoQ) (3Q P)

-0.8%

-0.2%

-0.7%

23:50

JPY

GDP Nominal SA (QoQ) (3Q P)

0.0%

-0.2%

0.2%

23:50

JPY

GDP Deflator (YoY) (3Q P)

2.0%

1.7%

1.5%

23:50

JPY

GDP Private Consumption (QoQ) (3Q P)

0.5%

0.4%

-0.6%

23:50

JPY

GDP Business Spending (QoQ) (3Q P)

-1.3%

-0.5%

-1.2%

00:01

GBP

Rightmove House Prices (MoM) (NOV)

-1.3%

-

0.6%

00:01

GBP

Rightmove House Prices (YoY) (NOV)

6.2%

-

5.6%

00:30

AUD

New Motor Vehicle Sales (MoM) (OCT)

-3.6%

-

5.9%

00:30

AUD

New Motor Vehicle Sales (YoY) (OCT)

4.2%

-

7.8%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

08:00

CHF

Total Sight Deposits (NOV 13)

-

467.2B

Low

08:00

CHF

Domestic Sight Deposits (NOV 13)

-

402.6B

Low

10:00

EUR

Eurozone CPI (MoM) (OCT)

0.1%

0.2%

Medium

10:00

EUR

Eurozone CPI (YoY) (OCT F)

0.0%

0.0%

Medium

10:00

EUR

Eurozone CPI Core (YoY) (OCT F)

1.0%

1.0%

Medium

10:15

EUR

ECB’s Draghi Speaks in Madrid

-

-

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0562

1.0665

1.0719

1.0768

1.0822

1.0871

1.0974

GBPUSD

1.5078

1.5154

1.5195

1.5230

1.5271

1.5306

1.5382

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

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