Never miss a story from Ilya Spivak

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.


  • Yen, Franc rise on Fed rate hike impact worries before ISM data
  • Australian, New Zealand Dollar follow APAC stocks downward
  • Trade war fears may return as White House readies China tariffs

The anti-risk Japanese Yen and Swiss Franc were on the offensive as risk appetite deteriorated in Asia Pacific trade. On the opposite side of the G10 FX sentiment spectrum, the pro-risk Australian and New Zealand Dollars suffered outsized losses.

A parallel rise in US Treasury bond yields suggests worries about the knock-on impact of Fed tightening reemerged. Recent turmoil in emerging market assets has reflected has reflected concerns about their inability to weather a global rise in borrowing costs courtesy of the US central bank’s rate hikes.

The move may mark pre-positioning before services ISM data, where expectations point to a pickup in activity growth. Tellingly, the US Dollar produced uneven results – gaining on the commodity bloc currencies but falling against the Franc and Yen – as yield- and safety-driven considerations clashed.

Renewed trade war fears may compound pressure on risky assets. The end of the public comment period on the next round of anti-China tariffs championed by the Trump administration ends today, which may pave the way for their implementation. Some 6,000 products are targeted at a total value of $200 billion.

See our study on the history of trade wars to learn how it might influence financial markets!


Yen, Franc Rise on Fed Rate Hike Impact Worries Before ISM Data


Yen, Franc Rise on Fed Rate Hike Impact Worries Before ISM Data

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


--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter