Talking Points
- US Dollar Sold as Asian Stocks Rise, Denting Haven Demand
- S&P 500 Futures Hint Risk-On Mood to Carry into Weekend
The US Dollar declined overnight as Asian stocks advanced, eroding demand for the go-to haven currency. The MSCI Asia Pacific regional benchmark equity index added 0.6 percent. The telecom sector led shares higher in a move the newswires linked to the debut of the iPhone 5. Chinese economic datareinforced the chipped mood, with the MNI Business Sentiment Indicator rising to a three-month high in September. The Australian Dollar outperformed, adding as much as 0.4 percent against the greenback.
The economic calendar is relatively uneventful in European hours and the US docket is outright empty, hinting broad-based sentiment trends are likely to remain in control of FX market price action. With that in mind, risk-on conditions appear likely to persist as S&P 500 index futurespress higher to set session highs ahead of the opening bell in Europe. This hints the Dollar is likely to remain on the defensive into the week-end.
Asia Session: What Happened
GMT
|
CCY
|
EVENT
|
ACT
|
EXP
|
PREV
|
22:45
|
NZD
|
Net Migration s.a. (AUG)
|
-340
|
-
|
-640
|
0:00
|
AUD
|
Conference Board Leading Index (JUL)
|
0.0%
|
-
|
0.5%
|
1:35
|
CNY
|
MNI Flash Business Sentiment Indicator (SEP)
|
50.31
|
-
|
47.54
|
3:00
|
NZD
|
Credit Card Spending s.a. (MoM) (AUG)
|
0.1%
|
-
|
-1.5%
|
3:00
|
NZD
|
Credit Card Spending (YoY) (AUG)
|
1.9%
|
-
|
0.1%
|
Euro Session: What to Expect
GMT
|
CCY
|
EVENT
|
EXP
|
PREV
|
IMPACT
|
6:45
|
EUR
|
French Wages (QoQ) (2Q F)
|
-
|
0.5
|
Low
|
7:00
|
CHF
|
Money Supply M3 (YoY) (AUG)
|
-
|
9.8%
|
Low
|
8:30
|
GBP
|
Public Sector Net Borrowing (£) (AUG)
|
13.2B
|
-1.8B
|
Low
|
8:30
|
GBP
|
Public Finances (PSNCR) (£) (AUG)
|
-5.5B
|
-22.9B
|
Low
|
8:30
|
GBP
|
PSNB ex Interventions (AUG)
|
15.0B
|
0.6B
|
Low
|
Critical Levels
CCY
|
SUPPORT
|
RESISTANCE
|
EURUSD
|
1.2906
|
1.3045
|
GBPUSD
|
1.6174
|
1.6349
|
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