Talking Points:
- UK jobless claims unlikely to inspire strong British Pound response
- Yen sinks, commodity Dollars rise as S&P 500 futures trade higher
- Looming US data may limit follow-through on overnight momentum
UK jobless claims data headlines an otherwise quiet economic calendar in European trading hours. A small increase is expected, but the outcome seems unlikely to generate lasting follow-through from the British Pound considering its limited impact on the direction of near-term BOE monetary policy.
The Japanese Yen underperformed in overnight trade, with prices mirroring a rebound in S&P 500 futures and hinting at recovering risk appetite as the catalyst at work. Tellingly, the sentiment-linked Australian, Canadian and New Zealand Dollars proved to be best-supported.
A lull in high-profile event risk offers relatively few barriers to disrupt established momentum, hinting that overnight moves may carry forward in the hours ahead. The degree of follow-through may ultimately prove limited however as traders look ahead to top-tier US data on the horizon.
Losing money trading in the FX market? This might be why.
Asia Session
GMT |
CCY |
EVENT |
ACT |
EXP |
PREV |
21:30 |
REINZ House Sales (YoY) (AUG) |
-3.1% |
- |
-10.1% |
|
22:45 |
NZD |
BoP Current Account Balance (2Q) |
-0.945b |
-0.295b |
1.184b |
22:45 |
NZD |
Current Account GDP Ratio YTD (2Q) |
-2.9% |
-2.6% |
-3.1% |
00:30 |
Westpac Consumer Conf Index (SEP) |
101.4 |
- |
101 |
|
00:30 |
AUD |
Westpac Consumer Conf SA (MoM) (SEP) |
0.3% |
- |
2.0% |
02:00 |
JPY |
Tokyo Condominium Sales (YoY) (AUG) |
-24.7 |
- |
-30.7% |
04:30 |
JPY |
Industrial Production (MoM) (JUL F) |
-0.4% |
- |
0.0% |
04:30 |
JPY |
Industrial Production (YoY) (JUL F) |
-4.2% |
- |
-3.8% |
04:30 |
JPY |
Capacity Utilization (MoM) (JUL) |
0.6% |
- |
1.5% |
European Session
GMT |
CCY |
EVENT |
EXP |
PREV |
IMPACT |
|
08:30 |
GBP |
Claimant Count Rate (AUG) |
2.2% |
2.2% |
Medium |
|
08:30 |
GBP |
Jobless Claims Change (AUG) |
1.8k |
-8.6k |
Medium |
|
08:30 |
GBP |
Average Weekly Earnings (3M/YoY) (JUL) |
2.1% |
2.4% |
Low |
|
08:30 |
GBP |
Weekly Earnings ex Bonus (3M/YoY) (JUL) |
2.2% |
2.3% |
Low |
|
08:30 |
GBP |
ILO Unemployment Rate (3Mths) (JUL) |
4.9% |
4.9% |
Low |
|
08:30 |
GBP |
Employment Change (3M/3M) (JUL) |
171k |
172k |
Low |
|
09:00 |
Eurozone Industrial Production (MoM) (JUL) |
-1.0% |
0.6% |
Medium |
||
09:00 |
EUR |
Eurozone Industrial Production (YoY) (JUL) |
-0.8% |
0.4% |
Medium |
|
09:00 |
Credit Suisse ZEW Survey Expectations (SEP) |
- |
-2.8 |
Low |
Critical Levels
CCY |
Supp 3 |
Supp 2 |
Supp 1 |
Pivot Point |
Res 1 |
Res 2 |
Res 3 |
1.1116 |
1.1172 |
1.1196 |
1.1228 |
1.1252 |
1.1284 |
1.1340 |
|
1.2888 |
1.3061 |
1.3127 |
1.3234 |
1.3300 |
1.3407 |
1.3580 |
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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