Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Yen Falls on OPEC Deal, US Dollar May Rise on Fed Rates Outlook

Yen Falls on OPEC Deal, US Dollar May Rise on Fed Rates Outlook

Ilya Spivak,

Talking Points:

  • Yen sinks as OPEC output cut deal boosts market-wide risk appetite
  • Euro unlikely to find meaningful support in German inflation uptick
  • US Dollar may rise as Fed-speak, GDP revision boost rate hike bets

The Japanese Yen plunged as stocks soared in Asian trade, undermining demand for the anti-risk currency. Energy shares led the way higher after OPEC agreed on the outlines of a deal to cap output in a range of 32.5-33 million barrels per day. Implementation details – including the assignment of output targets for individual cartel members – remain undecided and will be addressed at the group’s meeting in November.

The preliminary set of September’s German CPI figures is expected to show that the headline year-on-year inflation accelerated to 0.6 percent, the highest in 16 months. The ECB’s firmly dovish posture suggests an upside result may pass with little fanfare however. On the other hand, a disappointing print that beckons stimulus expansion may apply downward pressure on the Euro.

Fed-speak returns to the spotlight later in the day as another, with remarks from three branch Presidents (George, Harker and Lockhart) as well as Governor Powell in focus. Rhetoric echoing Chair Yellen’s near-promise of a December rate hike – a position she reiterated yesterday – is likely to boost the US Dollar. An expected revision of the second-quarter GDP growth rate from 1.1 to 1.3 percent may amplify this dynamic.

Losing money trading in the FX market? This might be why.

Asia Session

23:50JPYRetail Trade (YoY) (AUG)-2.1%-1.7%-0.2%
23:50JPYRetail Sales (MoM) (AUG)-1.1%-0.6%1.5%
23:50JPYDept. Store, Supermarket Sales (AUG)-3.6%-2.6%0.6%
00:00USDFed's George Speaks to Minority Bankers ---
01:30AUDJob vacancies (AUG)4.6%--2.1%
06:35JPYKuroda Speaks at Security Association Conference ---

European Session

07:55EURGerman Unemployment Change (000's) (SEP)-5k-7kMedium
07:55EURGerman Unemployment Claims Rate SA (SEP)6.1%6.1%Medium
08:30GBPNet Consumer Credit (AUG)1.4b1.2bLow
08:30GBPNet Lending Sec. on Dwellings (AUG)2.6b2.7bLow
08:30GBPMortgage Approvals (AUG)60.2k60.9kMedium
08:30GBPM4 Money Supply (MoM) (AUG)-1.2%Low
08:30GBPM4 Money Supply (YoY) (AUG)-3.9%Low
08:30GBPM4 Ex IOFCs 3M Annualised (AUG)-14.7%Low
09:00EUREurozone Economic Confidence (SEP)103.5103.5Low
09:00EUREurozone Business Climate Indicator (SEP)0.050.02Low
09:00EUREurozone Industrial Confidence (SEP)-4.2-4.4Low
09:00EUREurozone Services Confidence (SEP)10.010.0Low
09:00EUREurozone Consumer Confidence (SEP F) -8.2-8.2Medium
09:00EURECB's Praet Speaks in Halle, Germany --Low
12:00EURGerman CPI (MoM) (SEP P) 0.0%0.0%High
12:00EURGerman CPI (YoY) (SEP P) 0.6%0.4%High

Critical Levels

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

--- Written by Ilya Spivak, Currency Strategist for

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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