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

2016-11-07 04:33:00 Ilya Spivak

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