The sentiment-linked Australian, Canadian and New Zealand Dollars rose traded higher alongside S&P 500 futures while the anti-risk Japanese Yen declined in overnight trade. The moves looked corrective following the onset of risk aversion in the prior session that pushed the US equities benchmark to a weekly low while commodity-bloc FX swooned and the Yen winning streak extended for a fifth consecutive day.
A relatively quiet economic calendar through the remainder of the trading week seems likely to make for a sentiment-centric mood into the week-end. That may augur a repeat of yesterday's performance on Wall Street, where the latest bout of selling pressure probably reflected pre-positioning ahead of the first-quarter corporate earnings reporting season starting next week.
Collectively speaking, earnings per share for the companies making up the S&P 500 are expected to have fallen 7.9 percent year-on-year in the first three months of 2016. Fears of such dour results may inspire continued unwinding of risk-on exposure, leading shares downward and pulling higher-yielding currencies in the same direction.
Asia Session
GMT
CCY
EVENT
ACT
EXP
PREV
23:50
JPY
BoP Current Account Balance (¥) (FEB)
2434.9b
2032.3b
520.8b
23:50
JPY
BoP Current Account Adjusted (¥) (FEB)
1733.5b
1571.9b
1492.4b
23:50
JPY
Trade Balance BoP Basis (FEB)
425.2b
429.7b
-411.0b
00:15
USD
Fed's George Speaks on US Economy
–
–
–
04:30
JPY
Bankruptcies (YoY) (MAR)
-13.15%
–
4.47%
06:00
JPY
Eco Watchers Survey Current (MAR)
45.4
45.5
44.6
06:00
JPY
Eco Watchers Survey Outlook (MAR)
46.7
48.3
48.2
