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Asia AM Digest: Yen and Aussie Dollar Eyeing BOJ, RBA Commentary

Asia AM Digest: Yen and Aussie Dollar Eyeing BOJ, RBA Commentary

2017-10-09 23:51:00
DailyFX Research,

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The British Pound outperformed as UK Prime Minister Theresa May moved to reassert control after a week of infighting at the upper echelons of her Conservative party, hinting that she may even sack Foreign Secretary Boris Johnson. The Japanese Yen rose while the sentiment-linked Australian, Canadian and New Zealand Dollars declined as risk appetite soured, with the benchmark S&P 500 stock index down for a second consecutive day.

DailyFX Economic Calendar: Asia Pacific (all times in GMT)

Asia AM Digest: Yen and Aussie Dollar Eyeing BOJ, RBA Commentary

Commentary from central bank officials is in focus in Asia Pacific trade. Bank of Japan Governor Haruhiko Kuroda will speak at a branch managers’ meeting. The Yen may turn lower if he echoes calls for further stimulus expansion that emerged in the summary of opinions from September’s policy meeting. Meanwhile, the Australian Dollar might take a hit if RBA Deputy Governor Guy Debelle uses his speech as another opportunity for verbal intervention.

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Asia AM Digest: Yen and Aussie Dollar Eyeing BOJ, RBA Commentary

IG Client Sentiment Index Chart of the Day: EUR/JPY

Asia AM Digest: Yen and Aussie Dollar Eyeing BOJ, RBA Commentary

CLICK HERE to learn more about the IG Client Sentiment Index

Retail trader data shows 33.4% of traders are net-long EUR/JPY, with the ratio of traders short to long at 1.99 to 1. In fact, traders have remained net-short since Aug 04 when EUR/JPY traded near 129.401; price has moved 2.3% higher since then. The number of traders net-long is 24.5% higher than yesterday and 5.6% higher from last week, while the number of traders net-short is 13.9% higher than yesterday and 1.5% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EUR/JPY prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current EUR/JPY price trend may soon reverse lower despite the fact traders remain net-short.

Five Things Traders are Reading

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  3. A Weekly Technical Perspective on AUD, NZD & CHF by Michael Boutros, Currency Strategist
  4. Bullish EUR/USD Holding Confluent Supportby James Stanley, Currency Strategist
  5. Hawkish Fed Rhetoric to Fuel USD/CAD Recovery; August-High on Tap? by David Song, Currency Analyst

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