Forex Today: Aussie capped by 0.77 post-RBA, Eyes on ECB Draghi’s speech


Forex today witnessed yet another dull Asian session, in absence of key first-tier data. However, the US dollar managed to stage a minor rebound across its main competitors on the back of fresh buying seen around the Treasury amid persisting risk-on market profile. Amongst the Asia-pac currencies, the Yen was the biggest loser, as the Japanese stocks rallied over 1%, followed by the Kiwi while the Aussie failed another attempt to sustain above 0.77 handle, despite the RBA policy statement interpreted widely as neutral.

Main topics in Asia

UK BRC: Non-food sales growth slows sharply in October

The British Retail Consortium (BRC) data released today showed the sales of non-food items grew at the slowest rate since records began.

NZ Treasury says 3Q GDP growth may be slower than forecast

NZ Treasury says 3Q GDP growth may be slower than forecast, adding that it may decelerate to 0.6%. 

NZ PM Ardern: “Not at all" concerned by recent falls in NZD

Reuters reporting the latest remarks from the New Zealand PM Jacinda Ardern, delivered earlier on the day, with the key headlines…

RBA policy decision: Interest rate unchanged at 1.5%, higher AUD would slow economy

In today's Reserve Bank of Australia's monetary policy decision, as widely expected, the Central Bank decided to keep its interest rate unchanged at 1.5%, with the policy statement being interpreted as neutral. 

Satellite images spot increased activity at N. Korean nuclear test site – Japan Times

The Japan Times reported on Tuesday that the Satellite images spotted significant activity at North Korea’s main atomic test site.

Key Focus ahead

Heading into Europe, the German industrial production data will be closely eyed, especially after yesterday’s solid German factory orders data. Meanwhile, the ECB President Draghi’s opening remarks at the ECB Forum will grab a lot of attention for fresh insights on the bank’s monetary policy programme.  Also, in focus will be the Eurozone retail sales and UK’s Halifax HPI data, which will fill up an otherwise light EUR docket.

Moving on, the NA session sees the releases of the US IBD/TIPP Economic Optimism and JOLTS Job Openings, besides NZ GDT price index data will be also reported. Also, speeches by the FOMC member Quarles and BOC Governor Poloz is due on the cards in the American afternoon.  

EUR/USD risks further downside below 1.1575, ECB Draghi’s speech eyed

The EUR/USD pair extended its overnight consolidative mode into Asia, having stalled its recovery from near multi-month troughs of 1.1575 levels, as the bulls lose vigor ahead of the ECB Chief Draghi’s speech scheduled later in the European session today.

GBP/USD - retraced 50% of the BOE-led sell-off, risk reversals at 1-month high

Having defended the support zone of 1.3030-1.30 levels post-BOE, the GBP/USD jumped to 1.3174 levels on Monday on the back of broad based USD selling.

The UK politics will likely add downside risks to GBP this week - Barclays

FX Strategy Research Team at Barclays Capital argues that the pound faces symmetric risks after last week's sell-off in its latest outlook on GBP/USD.

GMT
Event
Vol.
Actual
Consensus
Previous
Tuesday, Nov 07
07:00
 
 
4.7%
07:00
 
-0.8%
2.6%
08:30
 
0.2%
0.8%
08:30
 
4.5%
4.0%
09:00
 
 
10:00
 
0.6%
-0.5%
10:00
 
2.7%
1.2%
13:55
 
 
-1.3%
13:55
 
 
3.6%
15:00
 
 
6.082M
15:00
 
 
50.3
15:00
 
 
0.4%
16:30
 
 
1.365%
16:30
 
 
1.02%
17:55
 
 
18:00
 
 
1.657%
20:00
 
$18.50B
$13.06B
20:30
 
 
-5.087M
Wednesday, Nov 08
08:00
 
 
n/a
 
 
1.32%
12:00
 
 
-2.6%
13:15
 
 
217.1K
13:30
 
 
-5.5%
15:30
 
 
-2.435M
17:00
 
 
2.346%

 

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