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Yen Gains as Stocks Decline, Pound Drops on Brexit Worries

Yen Gains as Stocks Decline, Pound Drops on Brexit Worries

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • British Pound continues to sink amid increasingly acute “Brexit” fears
  • Japanese Yen gains as Asian stock exchanges follow Wall Street lower
  • Risk aversion likely to remain as key driver for FX market price action

The British Pound underperformed in overnight trade, plunging to the lowest level in two months against the US Dollar. The move that likely reflects rising “Brexit” fears. The selloff appeared to follow on from an ORB poll released last week that showed a 55 to 45 percent preference for a UK exit from the EU and sent Sterling tumbling on Friday.

The Japanese Yen advanced as risk aversion gripped Asian financial markets, bolstering the anti-risk currency. The MSCI Asia Pacific regional benchmark index fell 1 percent, echoing Friday’s sharp drop on Wall Street. The slump in sentiment may reflect pre-positioning ahead of this week’s key event risk, with traders moving toward a more risk-neutral posture as a precaution.

Looking ahead, risk trends are probably going to remain at the forefront amid a lull in high-profile scheduled event risk. European and US stock index futures are pointing sharply lower, hinting that risk-off dynamics are likely to extend into the hours ahead. This maykeep the Yen well-supported while applying increasingly acute pressure on the sentiment-linked Australian, Canadian and New Zealand Dollars.

Track critical short-term trading levels for major currencies with the GSI indicator!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:50

JPY

BSI Large All Industry (QoQ) (2Q)

-7.9

-

-3.2

23:50

JPY

BSI Large Manufacturing (QoQ) (2Q)

-11.1

-

-7.9

02:00

CNY

Industrial Production (YoY) (MAY)

6.0%

6.0%

6.0%

02:00

CNY

Industrial Production YTD (YoY) (MAY)

5.9%

5.9%

5.8%

02:00

CNY

Retail Sales (YoY) (MAY)

10.0%

10.1%

10.1%

02:00

CNY

Retail Sales YTD (YoY) (MAY)

10.2%

10.2%

10.3%

02:00

CNY

Fixed Assets Ex Rural YTD (YoY) (MAY)

9.6%

10.5%

10.5%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

07:00

EUR

ECB’s Weidmann Speaks in Frankfurt

Low

08:00

CHF

Total Sight Deposits (JUN 10)

-

493.5b

Low

08:00

CHF

Domestic Sight Deposits (JUN 10)

-

418.2b

Low

12:00

EUR

ECB's Hansson Speaks on QE in Estonia Parliament

-

-

Low

13:00

EUR

ECB's Nouy Speaks at EU Parliament Committee

-

-

Low

14:40

EUR

ECB’s da Silva Costa speaks in Poland

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.1123

1.1198

1.1224

1.1273

1.1299

1.1348

1.1423

GBP/USD

1.3720

1.4012

1.4134

1.4304

1.4426

1.4596

1.4888

--- 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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