EUR/USD - 1.1323

Despite euro's selloff from 1.1382 to 1.1236 in New York on Tuesday after Fed Powell's hawkish comments, subsequent strong rebound signals further choppy trading above Nov's 16-month trough at 1.1187 may continue, however, as long as said Tuesday's high holds, consolidation with downside bias remains.

On the upside, only a daily above 1.1382 risks stronger retracement of recent downtrend but reckon 1.1434 should cap upside.

Data to be released on Wednesday:
Australia AIG manufacturing index, manufacturing PMI, GDP, New Zealand building permits, China caixin manufacturing PMI, Japan Jibun bank manufacturing PMI.
U.K. BRC shop price index, nationwide house price, Markit manufacturing PMI, Germany retail sales, Markit manufacturing PMI, Swiss CPI, manufacturing PMI, France Markit manufacturing PMI, Italy Markit manufacturing PMI, EU Markit manufacturing PMI.
U.S. MBA mortgage application, ADP employment change, Markit manufacturing PMI, construction spending, ISM manufacturing PMI, Canada building permits and Markit manufacturing PMI.

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