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Yen May Extend Gains as Market Sentiment Continues to Darken

Yen May Extend Gains as Market Sentiment Continues to Darken

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Yen gains, Aussie and Kiwi Dollar drop on North Korea missile test
  • S&P 500 and FTSE 100 futures hint risk aversion likely to continue
  • Augusts’ US consumer confidence data may pass without fireworks

The anti-risk Japanese Yen traded broadly higher while the sentiment-linked Australian and New Zealand Dollars swooned in Asia Pacific trade. The markets started the week in a sour mood and traders’ disposition only darkened as worries about the impact of Hurricane Harvey were compounded after North Korea conducted another missile test, this time aiming squarely toward Japan.

Looking ahead, a lackluster offering of European and US economic data is likely to keep risk trends at the forefront. Futures tracking the FTSE 100 and S&P 500 equity benchmarks are pointing decidedly lower, hinting that overnight trade dynamics are likely to carry forward. In fact, the selloff may be compounded if Pyongyang’s latest act triggers another barrage of saber-rattling from the Trump administration.

Augusts’ US consumer confidence statistics stand out among lesser bits of scheduled event risk. The headline sentiment gauge is expected to tick lower. US data flow has firmed relative to consensus forecasts since mid-June however, hinting that analysts’ models are underestimating the economy’s vigor and opening the door for an upside surprise. That may fall on deaf ears however as payrolls figures loom ahead.

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Asia Session

Yen May Extend Gains as Market Sentiment Continues to Darken

European Session

Yen May Extend Gains as Market Sentiment Continues to Darken

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

--- Written by Ilya Spivak, Currency Strategist for

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