Forex Today: Yen regains bids in Asia, US data, Fedspeaks eyed
|The Yen regained lost footing in Asia, despite a recovery in risk-appetite, as the Asian indices staged a rebound after yesterday’s slide. Meanwhile, the US dollar stalled its overnight recovery mode across the board, after slightly dovish remarks from Dallas Fed president, which capped the upside in USD/JPY near 110.80, sending the rate back towards 110.5. Kiwi was the weakest in Asia, while the Aussie remained confined in a narrow range, with the RBA assistant governor Debelle offering nothing on the economy nor monetary policy.
Attention now turns towards the NA calendar, as the EUR docket remains absolutely data-empty today. The NA session offers the US goods trade balance, followed by the CB consumer sentiment and Richmond Manufacturing Index. Besides, a bevy of Fed speakers are scheduled make their respective speeches alongside BOC Governor Poloz’s speech will also remain in focus.
Main topics in Asia
Trump wants to package tax reform and infrastructure deal
LiveSquawk report citing axios.com stating the “Trump administration is looking at driving tax reform and infrastructure concurrently.”
Fed’s Kaplan: Fed would be wise to move gradually and patiently
More comments hit the wires from Dallas Fed president Kaplan last hour, during his speech at a panel discussion titled "A Discussion of Economic Conditions and the Role of Monetary Policy," at Texas A&M University.
PBOC: Will provide financial support to help manufacturing upgrade
The Chinese central bank (PBOC) came out with the headlines last minutes, making a strong case to provide support to the manufacturing sector.
Qatar pledges over $6 billion in investment in Britain- Reuters
Qatar pledged GBP 5 billion or USD 6.3 billion of investment in Britain on Monday. The head of the $335 billion Qatar Investment Authority (QIA) sovereign wealth fund, said he saw opportunities in Britain even after Brexit.
Key focus for the week ahead
GBP/USD challenges key upside hurdle near 1.2570
Heading into Europe, the GBP/USD pair is seen consolidating the Asian recovery, after the bulls ran into the 200-DMA resistance located at 1.2572.
We expect goods trade balance of -$65.1bn, slight narrowing of the deficit from January (Consensus: -$66.4bn).
Market overview: US tax cuts on the cards? - ANZ
"Markets reacted as you would have expected them to in the aftermath of last week’s decision by Donald Trump to pull proposed reforms and repeal of Obamacare.”
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