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Yen Sinks, US and Commodity Dollars Gain as FBI Clears Clinton

Yen Sinks, US and Commodity Dollars Gain as FBI Clears Clinton

2016-11-07 04:33:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • FBI confirms Hillary Clinton did not commit crime in handling of emails
  • Yen sinks, commodity FX gains with stocks as risk appetite firms in Asia
  • S&P 500 futures hint risk-on mood to prevail as Europe, US come online

The anti-risk Japanese Yen plunged while the sentiment-geared Australian, Canadian and New Zealand Dollars strengthened alongside share prices in overnight trade. The markets cheered an over-the-weekend announcement that after further investigation, the FBI found that Hillary Clinton did not a commit a crime in her handling of emails while serving as Secretary of State. The US Dollar traded higher against most of its top counterparts.

S&P 500 index futures are pointing sharply higher ahead in late Asian trade, hinting the risk-on mood is likely to carry forward in the hours ahead. A relatively lackluster European economic calendar doesn’t seem to offer the kind of high-profile event risk to throw established momentum off course. US election news-flow will probably remain a major source of headline risk however as traders look to the evolution of opinion polls after the weekend’s developments and heading into Tuesday’s vote.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

0:00

JPY

Labor Cash Earnings (YoY) (SEP)

0.2%

0.2%

0.0%

0:00

JPY

Real Cash Earnings (YoY) (SEP)

0.9%

0.7%

0.6%

0:30

AUD

ANZ Job Advertisements (MoM) (OCT)

1.0%

-

0.0%

5:30

AUD

Foreign Reserves (OCT)

-

A$65.8b

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:00

EUR

Germany Factory Orders (MoM) (SEP)

0.2%

1.0%

Medium

7:00

EUR

Germany Factory Orders (YoY) (SEP)

3.5%

2.1%

Medium

8:00

CHF

Foreign Currency Reserves (OCT)

629.0b

628.0b

Low

8:15

CHF

CPI (MoM) (OCT)

0.2%

0.1%

Medium

8:15

CHF

CPI (YoY) (OCT)

0.0%

-0.2%

Medium

8:15

CHF

CPI – EU Harmonized (MoM) (OCT)

-

0.0%

Low

8:15

CHF

CPI – EU Harmonized (YoY) (OCT)

-

-0.3%

Low

8:30

GBP

Halifax House Prices (MoM) (OCT)

0.2%

0.1%

Medium

8:30

GBP

Halifax House Price 3Mths/Year (OCT)

4.9%

5.8%

Medium

8:30

EUR

Markit Germany Construction PMI (OCT)

-

52.4

Medium

9:00

CHF

Total Sight Deposits

-

518.5b

Low

9:00

CHF

Domestic Sight Deposits

-

451.9b

Low

9:10

EUR

Markit Germany Retail PMI (OCT)

-

53.0

Medium

9:10

EUR

Markit Eurozone Retail PMI (OCT)

-

49.6

Medium

9:10

EUR

Markit France Retail PMI (OCT)

-

49.1

Low

9:10

EUR

Markit Italy Retail PMI (OCT)

-

45.0

Low

9:30

EUR

Eurozone Sentix Investor Confidence (NOV)

8.6

8.5

Low

10:00

EUR

Eurozone Retail Sales (MoM) (SEP)

-0.3%

-0.1%

Medium

10:00

EUR

Eurozone Retail Sales (YoY) (SEP)

1.2%

0.6%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.0997

1.1059

1.1100

1.1121

1.1162

1.1183

1.1245

GBP/USD

1.2292

1.2400

1.2459

1.2508

1.2567

1.2616

1.2724

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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