FX Today was a quiet affair in Asia, with the risk-on theme the main driver, especially after the release of cheerful Chinese service activity data. The US dollar failed to extend its recovery mode against its major peers, thereby, lifting the sentiment around most majors. The Antipodeans benefited the most and staged a solid comeback while the Yen maintained the offers on the back of higher Asian equities and Treasury yields, which continue to benefit from more-hawkish-than anticipated FOMC minutes.
Main topics in Asia
Japan Dec final manufacturing PMI hit the highest since Feb 2014
Reuters offers more insights on the Japanese final manufacturing PMI report for December released earlier today.
China's Caixin services PMI: Solid upturn in business activity
China's Caixin services PMI for December came at 53.9 vs 51.8 exp and 51.9 last, which represents a solid upturn in Chinese business activity at the end of 2017.
BoJ’s Kuroda: Will continue patiently with easy monetary policy
BoJ Governor Kuroda is out on the wires now, via Reuters, Kuroda, making his first 2018 speech in Tokyo on the Japanese economy.
Saudi oil exports to China hit one-year low
Early Bloomberg tanker tracking data showed on Wednesday, Saudi Arabia’s crude oil exports to China dropped by 20% last month when compared to November.
Key Focus ahead
Heading into Europe, the economic calendar is likely to be relatively eventful, with the final services PMI reports from the Euro area economies to dominate the markets. Also, the UK services PMI data is slated for release, which is expected to show an uptick in the UK’s business activity. Further, the GBP traders will also pay attention to the UK’s net lending to individuals data among other second-tier releases. In the NA session, all eyes will remain on the US ADP jobs, unemployment claims and final services data while the Canadian RMPI figures will be closely eyed for any moves on the CAD ahead of the EIA crude inventory data release.
EUR/USD manages to keep 1.2000, but for how long?
The EUR/USD pair consolidated its post-FOMC minutes-led slide just ahead of 1.20 handle almost through the Asian session, with the risks tilted to the downside ahead of the Eurozone and US macro releases.
GBP/USD: Recovery to gain traction above 1.3530, awaits UK PMI
Fresh bids emerged near 1.3500 levels, which prompted a tepid recovery in GBP/USD during the Asian trades, with the bulls now look to regain the 1.3530 barrier heading into Europe.
Trump to hold 2 separate meetings with Senate Republicans today
The White House said in a statement late-Wednesday that the US President Trump will hold two separate meetings with Senate Republicans on Thursday, one on immigration and the other on 2018 legislative priorities, Reuters reports.
Expect USD/JPY to stay 112 - 113 this NFP week – J.P Morgan
Bloomberg reports the outlook for the USD/JPY pair outlined by the analysts at J.P Morgan (JPM) for this week, with the key US NFP report in sight.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds steady below 1.0600 ahead of PMIs, Powell
EUR/USD is consolidating in a narrow range below 1.0600 in early Europe on Monday. The pair keeps its calm amid a steady US Dollar, higher US Treasury bond yields and a cautious mood. US ISM PMI and Powell's speech in focus.
GBP/USD struggles around 1.2200, awaits central banks' speakers
GBP/USD is trading around 1.2200, struggling to gain any meaningful traction in the European trading on Monday. The risk-on impulse is seen undermining the safe-haven USD and lending support to the major. US PMI, BoE and Fed speeches awaited.
Gold: Will Fed Chair Jerome Powell rescue XAU/USD buyers?
Gold price is trading below $1,840, at its lowest level since March 10, setting off the final quarter of this year on a negative note. The USD is consolidating the previous rebound above the 106.00 level against its major peers, underpinned by a fresh upswing in the US Dollar.
Floki Inu Price Forecast: FLOKI sets stage for 30% rally
Floki Inu (FLOKI) price has triggered a quick but explosive uptrend in the last 24 hours. The uptrend has pushed the meme coin above a key hurdle and could assist FLOKI bulls in reversing the downtrend.
The week ahead - US Nonfarm Payrolls, Tesco and Wetherspoon results
We’ll get the latest US payrolls report for August this week. Having seen the Federal Reserve leave rates unchanged as expected at their recent September meeting the jury remains out as to whether we will see another rate hike at the next meeting in November.