Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

Yen Falls as Stocks Rise, Canadian Dollar Tracks Crude Oil Lower


Talking Points:

  • Yen drops as risk appetite firms overnight, US Dollar gains on Fed outlook
  • Canadian Dollar drops alongside crude oil prices ahead of OPEC meeting
  • Euro unlikely to find direction in German CPI data on limited ECB impact

The Japanese Yen underperformed in overnight trade, falling against all of its top counterparts. Swelling risk appetite appeared to be behind the selloff, with the anti-risk currency falling inversely of gains in S&P 500 futures and Japan’s benchmark Nikkei 225 stock index.

Meanwhile, the US Dollar continued to push higher as comments from St. Louis Fed President James Bullard appeared to reinforce a cautiously hawkish tone from Fed Chair Janet Yellen last week. Bullard said global markets appear well-prepared for a possible US rate hike, suggesting fears of triggering a panic many not hold back the resumption of stimulus withdrawal.

The Australian and New Zealand Dollars bore the brunt of the greenback’s advance as the threat of on-coming tightening exerted outsized pressure on currencies whose primary appeal is their yield-bearing properties. The Canadian Dollar declined alongside crude oil prices in a move that may reflect pre-positioning for this week’s OPEC meeting.

Looking ahead, German CPI figures headline the economic calendar in European trading hours. The headline year-on-year inflation rate is expected to rise to 0.1 percent. The report seems unlikely to generate a strong response from the Euro considering the outcome’s limited implications for near-term ECB policy trends as the central bank waits to evaluate the impact of a suite of stimulus measures unveiled earlier.

Check out the latest standings for the FXCM $10k trading contest HERE.

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:50

JPY

Retail Trade (YoY) (APR)

-0.8%

-1.2%

-1.0%

23:50

JPY

Retail Sales (MoM) (APR)

0.0%

-0.6%

1.5%

23:50

JPY

Dept. Store, Supermarket Sales (APR)

-0.7%

-1.2%

-1.2%

00:35

USD

Fed’s Bullard Speaks in Seoul

01:00

AUD

HIA New Home Sales (MoM) (APR)

-4.7%

8.9%

01:30

AUD

Inventories SA (QoQ) (1Q)

0.4%

0.0%

0.0%

01:30

AUD

Company Operating Profit (QoQ) (1Q)

-4.7%

0.4%

-3.6%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

06:00

EUR

German Import Price Index (MoM) (APR)

0.4%

0.7%

Low

06:00

EUR

German Import Price Index (YoY) (APR)

-6.2%

-5.9%

Low

06:45

EUR

French GDP (QoQ) (1Q P)

0.5%

0.5%

Medium

06:45

EUR

French GDP (YoY) (1Q P)

1.3%

1.3%

Medium

07:00

CHF

KOF Leading Indicator (MAY)

102.7

102.7

Low

07:00

CHF

Total Sight Deposits (MAY 27)

493.6b

Low

07:00

CHF

Domestic Sight Deposits (MAY 27)

420.2b

Low

09:00

EUR

Eurozone Economic Confidence (MAY)

104.4

103.9

Low

09:00

EUR

Eurozone Business Climate Indicator (MAY)

0.17

0.13

Low

09:00

EUR

Eurozone Industrial Confidence (MAY)

-3.5

-3.7

Low

09:00

EUR

Eurozone Services Confidence (MAY)

11.3

11.5

Low

09:00

EUR

Eurozone Consumer Confidence (MAY F)

-7

-7

Low

12:00

EUR

German CPI (MoM) (MAY P)

0.3%

-0.4%

Medium

12:00

EUR

German CPI (YoY) (MAY P)

0.1%

-0.1%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.0962

1.1052

1.1084

1.1142

1.1174

1.1232

1.1322

GBP/USD

1.4471

1.4555

1.4589

1.4639

1.4673

1.4723

1.4807

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

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

Source

The post Yen Falls as Stocks Rise, Canadian Dollar Tracks Crude Oil Lower appeared first on 7 Online Trading Forex.



This post first appeared on 7 Online Trading Forex, please read the originial post: here

Share the post

Yen Falls as Stocks Rise, Canadian Dollar Tracks Crude Oil Lower

×

Subscribe to 7 Online Trading Forex

Get updates delivered right to your inbox!

Thank you for your subscription

×