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Video: Yen and Pound In Focus, Dollar and Risk on the Periphery

Video: Yen and Pound In Focus, Dollar and Risk on the Periphery

2016-09-05 23:18:00
John Kicklighter, Chief Strategist
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Talking Points:

  • Passing through the quiet Labor Day holiday, the return of market depth will meet a significant round of event risk
  • Large trends founded on deep themes will still take motivation to inspire - and trading conform to conditions
  • Top event risk over the next 24 hours includes the return of US markets, RBA rate decision and US surveys

See how retail traders are positioning in the majors using the SSI readings on DailyFX's sentiment page.

The new trading week brings with it hope for a resurrection of liquidity and trading opportunities. We are transitioning from the seasonal summer slump and the US Labor Day holiday certainly stands as a distinct transitional day. However, trading is always based upon what the markets are tangibly offering rather than what we hope they can deliver. The quiet we have seen through the end of this past week and into Monday fits historical expectations. Friday's US NFPs offered no conclusiveness on market bearings - the data itself was not particularly dramatic - and the G-20 wrap up offered little additional catalyst. Nevertheless, the latter of these events further leverages a concern of economic, structural and financial trouble that was considered fringe a year ago but is now as mainstream as to warrant a warning from the Summit's Chinese host.

While we await the evolution of market conditions amid deep fundamental fissures, this week is looking at a populous - though targeted - schedule of event risk. Tuesday is the 'lull' of an exceptionally busy week. Top event risk includes the RBA rate decision and US data points (ISM services survey and IBD economic sentiment), but the most active currencies are more likely to be those following the development of key themes. The Yen is at the verge of technical boundaries guided by USD/JPY, while risk trends and questions of monetary policy effectiveness enter the public discourse. Meanwhile, Brexit warnings continue to diverge from data, and the Pound is going to have to choose its lines soon. We look at the market's landscape ahead in today's Trading Video.

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