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Yen Falls as Euro, Pound Rise Amid Lull in Brexit-Linked Anxiety

Yen Falls as Euro, Pound Rise Amid Lull in Brexit-Linked Anxiety

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Yen falls while Aussie, Canadian Dollars rise as risk appetite recovers
  • Euro, Pound rise with stocks amid correction in “Brexit”-driven moves
  • Consolidative dynamics set to prevail into the end of the trading week

The Japanese Yen underperformed in overnight trade as regional stocks recovered, sapping demand for the anti-risk currency. The sentiment-linked Australian and Canadian Dollars followed shares upward. The New Zealand Dollar lagged the rest of the commodity FX bloc, with prices in corrective mode after yesterday’s surge in the wake of first-quarter GDP data. The Euro and British Pound likewise followed shares upward, underscoring the centrality of "Brexit" fears as the catalyst driving recent risk aversion.

Looking ahead, a quiet economic calendar through the end of the week and the suspension of UK referendum campaigning until next week seems likely to leave markets in correction mode. European and US stock index futures are pointing higher in late overnight trade, hinting that overnight trading patterns may continue as amid profit-taking and pre-positioning for next week’s fireworks. Indeed, the average 1-week implied volatility for the US Dollar against its top counterparts is at the highest since November 2008.

Track short-term FX trading patterns and key levels with the GSI indicator !

Asia Session

GMTCCYEVENTACTEXPPREV
22:00NZDANZ Job Advertisements (MoM) (MAY)0.2%-1.8%
22:30NZDBusinessNZ Manufacturing PMI (MAY)57.1-56.6
01:00NZDANZ Consumer Confidence Index (JUN)118.9-116.2
01:00NZDANZ Consumer Confidence (MoM) (JUN)2.3%--3.2%

European Session

GMTCCYEVENTEXPPREVIMPACT
08:00EUREurozone Current Account SA (APR)-27.3bLow
08:00EUREurozone Current Account NSA (APR)-32.3bLow
09:00EUREurozone Labour Costs (YoY) (1Q)-1.3%Low
11:45EURECB’s Coeure Speaks in Berlin -27.3bLow

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3
EURUSD1.08891.10531.11391.12171.13031.13811.1545
GBPUSD1.36751.39161.40591.41571.43001.43981.4639

--- 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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