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Aussie Dollar Gains, Yen Drops as Market Sentiment Recovers

Aussie Dollar Gains, Yen Drops as Market Sentiment Recovers

2016-02-08 07:08:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • Commodity Dollars rise, Yen falls as risk appetite rebounds in Asia
  • Quiet economic calendar hints sentiment trends likely to stay in focus
  • S&P 500 futures point upward, hinting risk-on mood set to continue

A recovery in risk appetite defined FX market price action at the start of the trading week. The sentiment linked Australian, Canadian and New Zealand Dollars outperforming alongside a rally on Asian stock exchanges while the anti-risk Japanese Yen is on the defensive.

Investors’ chipper mood appears corrective after the release of January’s US employment data fueled risk aversion on Friday. While payrolls numbers trailed forecasts, the unemployment rate unexpectedly declined and wage growth impressed on the upside.

This appeared to rekindle Fed rate hike speculation (as we suspected might happen ahead of the release). The US Dollar moved broadly higher against its major counterparts alongside a rally in front-end US bond yields. Meanwhile, the stocks declined to reflect returning fears of on-coming tightening.

Looking ahead, a quiet economic calendar is likely to see sentiment remains remain at the forefront. S&P 500 futures are pointing higher, suggesting the recovery in risk appetite is likely to continue for now absent the emergence of unexpected news-flow.

How will the US Dollar fare against the major currencies this year? Check out our 2016 forecast!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

01:18

CNH

Foreign Reserves ($) (JAN)

3230.9B

3210.0B

3330.0B

23:50

JPY

BoP Current Account Balance (¥) (DEC)

960.7B

1051.7B

1143.5B

23:50

JPY

BoP Current Account Adjusted (¥) (DEC)

1635.4B

1590.0B

1423.5B

23:50

JPY

Trade Balance BoP Basis (¥) (DEC)

188.7B

305.3B

-271.5B

23:50

JPY

Bank Lending Incl Trusts (YoY) (JAN)

2.3%

-

2.2%

23:50

JPY

Bank Lending Ex-Trusts (YoY) (JAN)

2.4%

2.2%

2.2%

00:00

JPY

Labor Cash Earnings (YoY) (DEC)

0.1%

0.7%

0.0%

00:00

JPY

Real Cash Earnings (YoY) (DEC)

-0.1%

-

-0.4%

00:30

AUD

ANZ Job Advertisements (MoM) (JAN)

1.0%

-

-0.1%

04:30

JPY

Bankruptcies (YoY) (JAN)

-6.38%

-

1.89%

05:00

JPY

Eco Watchers Survey Current (JAN)

46.6

48.4

48.7

05:00

JPY

Eco Watchers Survey Outlook (JAN)

49.5

48.4

48.2

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

08:00

CHF

Total Sight Deposits (FEB 5)

-

472.7B

Low

08:00

CHF

Domestic Sight Deposits (FEB 5)

-

407.3B

Low

09:30

EUR

Eurozone Sentix Investor Confidence (FEB)

7.4

9.6

Low

11:00

EUR

ECB's Walter Speak in Amsterdam

-

-

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.0897

1.1034

1.1097

1.1171

1.1234

1.1308

1.1445

GBP/USD

1.4236

1.4376

1.4439

1.4516

1.4579

1.4656

1.4796

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

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