Forex Today: DXY recovers, UK Supreme Court Brexit ruling eyed
|Broad based US dollar tepid-recovery was witnessed in Asia after the US Treasury Secretary nominee Mnuchin’s jawboning the US currency. While markets remained on a cautious footing ahead of the UK Supreme Court Brexit decision due later at 0930GMT in the European session ahead.
The United Kingdom's Supreme Court is due to announce a ruling regarding the government's ability to bypass parliament and initiate the Brexit by triggering Article 50. Markets are pricing-in the UK lawmakers to ask PM May for a soft Brexit. This is event is expected to emerge the main market moving event today.
Besides, we have a series of flash manufacturing PMI releases from across the Euro area as well as US, while existing home sales data from the US docket will be also closely eyed.
Main topics in Asia
UK: Key event today to be the Supreme Court’s ruling on Article 50 - TDS
Research Team at TDS suggests that the key event today in UK will be the Supreme Court’s ruling on Article 50 at 9:30am GMT.
Eurozone: Focus on PMI figures – Danske Bank
Research Team at Danske Bank suggests that in the euro area, the PMI figures are due to be released and will be the key economic release for today’s session.
UK PM May set to defy EU by opening pre-Brexit global trade talks – BBG
A senior UK official said Tuesday on conditions of anonymously, the UK PM May’s team plans to start trade talks around the world, after she triggers the Article 50 by March-end.
Key focus for the day ahead
U.S. Treasury Mnuchin: "Excessively strong" USD may be negative in the short term
The U.S. Treasury Secretary nominee Steven Mnuchin was on the wires last minutes, via Reuters, highlighting that an excessive USD strength could be "negative" in the short-term.
NZ government to increase minimum wage to $15.75
The minimum wage will rise by 50 cents to $15.75 an hour on 1 April, the New Zealand government announced today.
Goldman Sachs: US economy is in 'pretty decent shape'
In an interview with Bloomberg TV, Jan Hatzius, chief economist at Goldman Sachs, commented on the US economic outlook in wake of Trump’s presidency.
Japan PM Abe: Japan considered the TPP a “global standard”
The Wall Street Journal (WSJ) reporting comments from the Japanese Prime Minister Shinzo Abe, noting that he would continue to advocate free trade.), despite President Donald Trump’s decision to withdraw from the deal.
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