Forex Today: Aussie unfazed by stronger China data, EZ CPI – Up next
|Forex today had a quiet start to a Big week ahead, with most majors stuck in thin trading ranges in Asia this Monday, as the Japanese markets closed on a public holiday, resulting in slowing volumes.
On the data-front, we had a slew of critical Chinese macro data, including the GDP figures, all of which came in stronger-than consensus forecasts. However, the Antipodeans failed to benefit from upbeat Chinese data, and kept their range near daily troughs. Meanwhile, the US dollar attempted a minor-recovery across the board, after Friday’s economic data debacle.
Main topics in Asia
France is in favor of the hardest Brexit warns City of London
Former Home Office minister Jeremy Browne, who acts as the City of London's envoy on Brexit said on Sunday that the French are open about their desire to disrupt and degrade the UK’s financial sector.
RBNZ’s Bascand – Lower NZD needed to reduce debt further
‘Lower external debt is encouraging, savings makes economy less vulnerable to shocks’
S. Korea proposes military talks with N. Korea on July 21 – Livesquawk
Livesquawk reporting latest headlines on the North Korean issue, citing that South Korea proposes military talks with North Korea on July 21.
China data dump: Upbeat across all indicators
China's YoY GDP figures for the second quarter of 2017 came at +6.9% vs +6.8% exp and 6.9% previous, with the QoQ reading for Q2 coming in at +1.7% vs +1.7% exp and +1.3% last.
Key Focus ahead
Heading into Europe, we have a data-light EUR calendar, with the only Eurozone final CPI due to be reported at 9GMT, while the UK docket remains absolutely empty. In the NA session, the second-tier data in the form of the Canadian foreign securities purchases and US Empire State Manufacturing index will be on the cards, as investors brace for the NZ CPI and RBA monetary policy minutes due to be published in the Asian morning tomorrow.
EUR/USD on the back foot ahead of ECB week
Having peaked at 1.1475, the EUR/USD pair ran through fresh sellers in the Asia session, as a renewed risk-on wave gripped the markets on upbeat Chinese data dump, which dampened the sentiment around the funding currency Euro.
The week ahead: a busy schedule of events including the ECB, BoJ, UK inflation, Aussie jobs
The week ahead is jam packed and with respect to the Antipodeans, events will include the RBA minutes, jobs data for Australia and the CPI and GDT price index for the bird.
Brexit talks to start in Brussels today
The much-awaited first round of the Brexit negotiations will be launched today by the Brexit Secretary David Davis…
ECB to hold fire this week, taper QE in September - Bloomberg survey
The latest Bloomberg survey says, the economists expect the European Central Bank (ECB) to hold fire this week and wait until September before slowing the pace of its monthly bond purchase program.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.