Forex Today: GBP weakest in Asia, US data in spotlight
|Forex today was driven by broad GBP weakness, as the latest poll on the UK elections showed the UK PM May’s Conservatives party lead narrowing just two weeks away from the election scheduled on June 8th. Meanwhile, the US dollar caught a fresh bid-wave across the board, although failed to extend the upside amid not so bullish comments from Fed officials Williams and Bullard. The commodity-currencies continued to weaken, in the wake of OPEC disappointment induced oil-price sell-off.
Attention now turns towards the US docket, with the durable goods, GDP and consumer sentiment data on the cards, while the G7 meeting will go on throughout the data. In the European session ahead, we have absolutely no macro events due to be reported.
Main topics in Asia
Japanese inflation rises at a fastest pace since Apr 2015
Japan’s consumer prices excluding food increased 0.3% in April year-on-year, the fastest rise since April 2015.
Fed’s Williams: The best way to sustain the economy's momentum, is by gradually raising rates
Reuters out with more comments from San Francisco Fed President Williamsdelivered earlier today.
Fed’s Bullard: US macro data have been relatively weak, on balance, since March rate hike
“If the BOJ decides to taper JGB purchases, has to be communicated carefully with markets, or cause global dislocation”
China PBOC said to plan change in Yuan fixing formula - BBG
According to Bloomberg news, the Chinese central bank (PBOC) is seen considering changes in Yuan fixing formula.
Key Focus ahead
GBP/USD pauses sell-off, but stays below 1.2900
The bears loosened grip on the pound heading into early Europe, allowing a tepid-bounce in GBP/USD back towards 1.29 handle.
EurUsd traded a tight 1.1193/1.1250 range on Thursday, leaving the outlook unchanged.
Key US data on the cards - Nomura
Analysts at Nomura offered their previews for the key US data for the forthcoming session.
Oil: OPEC disappointment-led slide stalls ahead of $ 48 mark
Oil prices on both sides of the Atlantic are seen consolidating the massive drop induced by disappointment on the OPEC’s decision announced a day before.
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