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Caution Over Weakness in Oceania Currencies Amid Risk-Off Sentiment

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Caution Over Weakness in Oceania Currencies Amid Risk-Off Sentiment

13.09.2021

Today's Highlights
  1. U.S. Fiscal Spending
  2. Turkey: Industrial Production

Last weekend, the three major U.S. stock indices all fell, resulting in a market environment characterized by falling stock prices, rising interest rates, and higher crude oil prices.The fear index (VIX) rose by more than 10% and has now surpassed the key threshold of 20, standing at 20.95. The Nikkei 225, which has remained in the 30,000-yen range, currently stands at 30,320 yen.

A risk-averse sentiment is prevailing in the foreign exchange market, and cross-yen pairs are falling slightly. Oceania currencies, in particular, are facing resistance on the upside; the AUD/JPY pair completely erased the gains it made during Asian trading hours last Friday during U.S. trading hours and is currently trading around 80.91.The Australian dollar is also weakening against the U.S. dollar, with the AUD/USD pair attempting to fall again around 0.736.

Apart from Turkey’s industrial production and current account balance data scheduled for 16:00 European time today, and U.S. fiscal spending data scheduled for 27:00 U.S. time, no major economic indicators or statements by key officials are expected.With no major events this week aside from the UK employment report on Tuesday the 14th, U.S. initial jobless claims on Thursday the 16th, and the University of Michigan’s preliminary September Consumer Sentiment Index on Friday the 17th, price movements are likely to be straightforward.We want to closely monitor how the U.S. dollar, which has been rising recently, will move.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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