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.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
US Dollar May Rise on Data But OPEC, Cabinet News Cloud Outlook

US Dollar May Rise on Data But OPEC, Cabinet News Cloud Outlook

Talking Points:

  • Yen falls as risk appetite firms, NZ Dollar gains on RBNZ comments
  • Aussie Dollar drops as ANZ CEO sounds the alarm about economy
  • US Dollar may rise on data but OPEC, cabinet news cloud outlook

The Yen underperformed as Japan’s Nikkei 225 stock index advanced, sapping demand for the anti-risk currency. The New Zealand Dollar advanced alongside S&P 500 futures, hinting at firming risk appetite as the driver behind gains. Encouraging comments from RBNZ officials may have also helped after Governor Wheeler and Deputy Governor Spencer seemed to talk down near-term rate cut chances.

The Australian Dollar failed to capitalize however, dropping alongside the local S&P/ASX 200 equities benchmark. Australian government bonds declined in tandem, pointing to a broader deterioration in demand for AUD-denominated assets as the reason for Aussie selling. ANZ Bank CEO Shayne Elliott said “there are emerging signs of stress” in the economy, which may have triggered the rout.

Looking ahead, the US Dollar may find scope for gains after four days of losses. The expected Fed rate hike path may steepen further if the central bank’s favored PCE inflation gauge and the ADP estimate of jobs growth yield upbeat results, extending a recent run of upbeat US economic news-flow.

Headline risk remains elevated however. The likely response to confirmation or denial of rumors predicting the imminent naming of Steve Mnuchin as incoming US Treasury secretary is unclear for now. The market-wide implications of OPEC output cut deal negotiations are likewise clouded.

See the schedule of upcoming webinars and join us LIVE to follow the financial markets!

Asia Session

23:50JPYIndustrial Production (MoM) (OCT P)0.1%0.0%0.6%
23:50JPYIndustrial Production (YoY) (OCT P)-1.3%-1.3%1.5%
0:00NZDANZ Activity Outlook (NOV)37.6-38.4
0:00NZDANZ Business Confidence (NOV)20.5-24.5
0:01GBPGfK Consumer Confidence (NOV)-8-4-3
0:01GBPLloyds Business Barometer (NOV)32-37
0:10NZDRBNZ's Wheeler at Parliament Select Committee ---
0:30AUDBuilding Approvals (MoM) (OCT)-12.6%2.0%-9.3%
0:30AUDBuilding Approvals (YoY) (OCT)-24.9%-6.2%-6.8%
0:30AUDPrivate Sector Credit (MoM) (OCT)0.5%0.4%0.4%
0:30AUDPrivate Sector Credit (YoY) (OCT)5.3%5.2%5.4%
1:45CNYWestpac-MNI Consumer Sentiment (NOV)114.9-117.1
2:00NZDMoney Supply M3 (YoY) (OCT)7.1%-4.8%
4:00JPYVehicle Production (YoY) (OCT)-3.9%-1.4%
5:00JPYHousing Starts (YoY) (OCT)13.7%11.0%10.0%
5:00JPYAnnualized Housing Starts (OCT)0.983m0.964m0.984m
5:00JPYConstruction Orders (YoY) (OCT)15.2%-16.30%
5:00JPYSmall Business Confidence (NOV)48.348.048.3

European Session

7:00EURGermany Retail Sales (MoM) (OCT)1.0%-1.4%Medium
7:00EURGermany Retail Sales (YoY) (OCT)1.0%0.4%Medium
7:00CHFUBS Consumption Indicator (OCT)1.551.59Low
7:00GBPCarney Publishes BOE Financial Stability Report --Medium
8:00CHFKOF Leading Indicator (NOV)104104.7Low
8:55EURGerman Unemployment Change (000's) (NOV)-5k-13kMedium
8:55EURGerman Unemployment Claims Rate SA (NOV)6.0%6.0%Medium
10:00EUREurozone CPI Estimate (YoY) (NOV)0.6%0.5%High
10:00EUREurozone CPI Core (YoY) (NOV A)0.8%0.8%High
12:30EURECB's Mario Draghi Speaks in Madrid Medium

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.