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Yen, US Dollar May Fall in Pre-Positioning for FOMC Rate Decision

Yen, US Dollar May Fall in Pre-Positioning for FOMC Rate Decision

Ilya Spivak, Head Strategist, APAC

TALKING POINTS – NEW ZEALAND DOLLAR, YEN, US DOLLAR, FED, STOCKS

  • NZ Dollar bounces from two-week low following business confidence data
  • Yen may trim APAC session gains as S&P 500 futures hint at risk-on bias
  • US Dollar may fall as markets position for a dovish FOMC rate decision

The New Zealand Dollar outperformed in Asia Pacific trade, enjoying support from nominally upbeat business confidence data. The figures seemed to trigger a correction from the two-week low where the currency has been lingering after last Friday’s plunge. The Japanese Yen dutifully rose as regional stocks declined, boosting the perennially anti-risk currency.

Looking ahead, a quiet offering on the economic data front in Europe and the US seems likely to keep sentiment trends at the forefront. Bellwether S&P 500 futures are mounting a spirited recovery ahead of the opening bell on Wall Street, hinting that a rebound may be ahead after yesterday’s blood-letting. That seems reasonable as traders neutralize exposure ahead of the upcoming FOMC rate decision.

The Yen may give back some of its latest advance against this backdrop while sentiment-geared commodity bloc currencies find support. The US Dollar may find itself on the defensive as investors position for a dovish turn in Fed rhetoric. Indeed, the priced-in 2019 rate hike path has flattened in anticipation, with even one increase next year now seen as uncertain. Such skepticism seems likely to be disappointed however.

See our free guide to learn how to use economic news in your trading strategy!

ASIA PACIFIC TRADING SESSION

Asia Pacific Trading Session Economic Calendar

EUROPEAN TRADING SESSION

European Trading Session Economic Calendar

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

FX TRADING RESOURCES

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

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

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

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