Forex Today: USD corrects higher in Asia, US data eyed
|It was a quiet Asian affair on Friday, with minor-buying interest seen emerging around the US dollar, with markets correcting yesterday’s heavy sell-off, which was intensified by the US Treasury Secretary Mnuchin’s interview. There were no relevant economic events reported in Asia, except for RBA Governor Lowe’s speech, which had limited impact on the Aussie’s overnight retreat from multi-week tops.
Later today, we have an empty European docket to end the week, while from the UK, there is only the BBA mortgage approvals data on the cards. The NA session is relatively eventful, with the Canadian CPI, followed by the US new home sales and revised UoM consumer sentiment data.
Main topics in Asia
RBA Lowe speech: Discards further rate cuts
Lowe: "Hard to say that Aussie is fundamentally overvalued"
RBA's Lowe: "Commodity prices will pull back from current levels"
RBA’s Lowe: There are more effective ways to stimulate demand than to cut rates now
Bitcoin hits record highs on ETF approval talk, RSI in overbought region
Bitcoin hit a record high of $1193.92 on speculation that the first Bitcoin exchange-traded fund (ETF) is set to receive approval from the US financial regulator.
Mnuchin takes a BAT to the dollar – AmpGFX
Greg Gibbs at AmnpGFX provides an in-depth understanding of yesterday’s Mnuchin’s take on the Border Adjustment Tax (BAT) and its implications on the US dollar.
Key focus for the week ahead
Analysts at Nomura offered a preview of the forthcoming and final US data of the week.
EUR/JPY: Further deterioration in store - Natixis
According to Micaella Feldstein, Research Analyst at Natixis, caution is in order as the EUR/JPY cross is flirting with the support at 119.61 (weekly Bollinger moving average).
BBG Survey: Australia’s Q4 GDP seen at 0.7% q/q
The latest Bloomberg survey offers hints on what to expect from next week’s Australian Q4 GDP release.
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