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Rattled Currency Markets Eye Trump, Xi Meeting and US Jobs Data

Rattled Currency Markets Eye Trump, Xi Meeting and US Jobs Data

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Yen soars, Aussie Dollar drops as US missiles strike Syria
  • US Dollar may advance if Trump, Xi find common ground
  • Upbeat US jobs data may boost Fed rate hike speculation

The anti-risk Japanese Yen soared while the sentiment-sensitive Australian Dollar succumbed to selling pressure as the US launched a missile strike on Syria, sending Asian markets scrambling. Futures tracking US and European equity benchmarks are pointing firmly lower, hinting the risk-off mood may continue through the end of the trading week.

There remains a plentiful stock of event risk to throw established trends off course however. US President Donald Trump continues to host his Chinese counterpart Xi Jinping. Signs that the two leaders are finding common ground may defuse worries about a rift and remove a perceived obstacle to further Fed rate hikes, boosting the US Dollar. Needless to say, an icy outing may have the opposite result.

On the economic data front, all eyes are on US employment data. An increase of 180k in nonfarm payrolls is expected, marking the smallest gain in three months. News-flow out of the world’s largest economy has tended to outperformed relative to forecasts since mid-November however, opening the door for an upside surprise. The greenback’s rediscovered sensitivity to such developments may help send it upward.

Bank of England Governor Mark Carney is also scheduled to speak. A familiarly dovish message is likely to be on offer, reiterating policymakers’ willingness to tolerate higher inflation in the near term as Brexit-related instability threatens growth. That may apply some immediate pressure on the British Pound but larger macro catalysts will probably predominate.

What is going to drive financial markets next week? Join our outlook webinar and find out!

Asia Session

Rattled Currency Markets Eye Trump, Xi Meeting and US Jobs Data

European Session

Rattled Currency Markets Eye Trump, Xi Meeting and US Jobs Data

** All times listed in GMT. See the full DailyFX economic calendar here.

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

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