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US Dollar, Yen Surge as Market Mood Sours into the Weekend

US Dollar, Yen Surge as Market Mood Sours into the Weekend

Talking Points:

Risk aversion has gripped financial markets in the final hours of the trading week. The US Dollar is enjoying broad-based support from haven demand and the anti-risk Japanese Yen is likewise on the upswing. The sentiment-linked commodity bloc currencies bore the brunt of selling pressure, sinking alongside stock prices, with the Australian Dollar standing out as the weakest of the bunch.

A singular catalyst for the move does not prominently stand out, although ominous comments from ONS Chief Economist Joe Grice may have played a part in setting the tone. The head of the UK’s statistics office warned that it is too early to draw definitive conclusions about the health of the economy in the aftermath of the Brexit referendum, pouring cold water on optimism driven by a recent run of upbeat news-flow.

A relatively quiet economic calendar from here presents few barriers for established momentum to carry forward, pointing to a risk-off mood ahead. S&P 500 futures are pointing sharply lower, bolstering the case for follow-through. Volumes are noticeably thin however, lowering barriers to seesaw volatility.

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Asia Session

22:45NZDNet Migration SA (JUL)5600-5670
00:00USDFed's Kaplan to Speak in Dallas ---
03:00NZDCredit Card Spending (MoM) (JUL)2.3%--0.9%
03:00NZDCredit Card Spending (YoY) (JUL)5.6%-4.1%
04:30JPYAll Industry Activity Index (MoM) (JUN)1.0%0.9%-1.3%
05:30JPYNationwide Dept Sales (YoY) (JUL)-0.1%--3.5%
05:30JPYTokyo Dept Store Sales (YoY) (JUL)0.6%--3.2%

European Session

06:00EURGerman PPI (MoM) (JUL)0.2% (A)0.4%Medium
06:00EURGerman PPI (YoY) (JUL)-2.0% (A)-2.2%Medium
08:30GBPPublic Finances (PSNCR) (JUL)-2.1b (A)13.5bLow
08:30GBPCentral Government NCR (JUL)3.6b (A)20.0bLow
08:30GBPPublic Sector Net Borrowing (JUL)-1.5b (A)7.5bLow
08:30GBPPSNB ex Banking Groups (JUL)-1.0b (A)8.0bLow

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.