British Pound Unlikely to Heed UK Jobless Claims Data
- 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.
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|21:30||NZD||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||AUD||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%|
|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||EUR||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||CHF||Credit Suisse ZEW Survey Expectations (SEP)||-||-2.8||Low|
|CCY||Supp 3||Supp 2||Supp 1||Pivot Point||Res 1||Res 2||Res 3|
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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