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Yen Aims to Extend Gains as Markets Start the Week in a Sour Mood

Yen Aims to Extend Gains as Markets Start the Week in a Sour Mood

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Yen gains, Aussie and NZ Dollars fall as risk appetite sours in APAC trade
  • FTSE 100, S&P 500 futures hint risk-off mood likely to find follow-through
  • Central bankers’ commentary may boost British Pound, hurt the US Dollar

The Japanese Yen outperformed in Asia Pacific trade as regional bourses turned lower, boosting the appeal of the standby anti-risk currency. At the other end of the spectrum, the sentiment-sensitive Australian and New Zealand Dollars bore the brunt of selling pressure. Corrective flows following Friday’s risk-on moves probably helped guide price action as well.

Looking ahead, a lackluster offering on the data docket may keep sentiment trends at the forefront. Futures tracking the FTSE 100 and S&P 500 equity benchmarks are pointing cautiously lower before markets in London and New York come online. This hints that the trading dynamics prevailing in the opening session of the trading week may have staying power through the rest of the day.

Commentary from central bank officials is also of note. Speeches from Bank of England Chief Economist Andy Haldane and Minneapolis Fed President Neel Kashkari are due. The former has emerged as a vocal hawk in recent months. The British Pound may rise if he is seen advocating a steeper rate hike path. The latter is firmly dovish and may hurt the US Dollar with comments undercutting 2018 tightening prospects.

What can you expect from the markets this week? Check out our forecast webinars to learn more!

Asia Session

Yen Aims to Extend Gains as Markets Start the Week in a Sour Mood

European Session

Yen Aims to Extend Gains as Markets Start the Week in a Sour Mood

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

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