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Commodity Dollars Rise, Yen Falls as Risk Appetite Firms Overnight

The Australian, Canadian and New Zealand Dollars rallied while the Japanese Yen fell amid an overnight recovery in risk appetite.

Talking Points:

  • Commodity Dollars Gains, Japanese Yen Declines as Risk Appetite Firms
  • S&P 500 Index Futures Hint Risk-On Sentiment Likely to Carry Forward
  • See Economic News Directly on Your Charts with the DailyFX News App

The Australian, Canadian and New Zealand Dollars rallied as risk appetite firmed in overnight trade. The Japanese Yen weakened as the firming sentiment undercut demand for the safety-linked currency.

Asian shares soared in a move the news-wires chalked up to firming confidence in Chinese officials’ ability to stabilize on-shore markets. Data released over the weekend showed Chinese FX reserves fell by US$93.9 billion in August – the most since at least 1996 – to telegraph Beijing’s willingness to commit resources toward pushing back against recent turmoil.

The European calendar is relatively quiet in overnight trade, hinting risk sentiment trends are likely to remain in the driver’s seat for now. S&P 500 stock index futures are pointing firmly higher, suggesting the risk-on mood will probably carry onward and continue to boost high-yielding FX while weighing on funding currencies.

Critical Levels
CCY Supp 3 Supp 2 Supp 1 Pivot Point Res 1 Res 2 Res 3
EURUSD 1.1041 1.1118 1.1160 1.1195 1.1237 1.1272 1.1349
GBPUSD 1.5076 1.5218 1.5307 1.5360 1.5449 1.5502 1.5644

 

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