The USD-buying theme remains the main driver across the fx space in Asia this Wednesday, as Treasury yields continued their run higher, awaiting the key FOMC minutes release. Among the Asia-pace currencies, the Aussie and Yen were the main losers, with the Antipodeans tumbling on the back of a bigger-than-expected drop in the Aus construction work done data while the latter lost ground to stronger USD and T-yields, despite moderate risk-aversion. The Kiwi also tracked the Aussie lower, alongside the sell-off in oil prices.

Main topics in Asia

Japan's Asakawa: Recent Yen moves are one-sided

Japan's Vice Minister of Finance for International Affairs, Masatsugu Asakawa, hitting the wires today talking about recent market movements as they relate to the Yen.

Australia wage price index rose 0.6 percent in December quarter

The Australian Bureau of Statistics (ABS) reported the fourth quarter wage price index at 0.6 percent quarter-on-quarter vs. an expected gain of 0.5 percent.

BOJ's Funo - No need to be too pessimistic about the economy

Comments from Bank of Japan's (BOJ) Funo are crossing the wires via Livesquawk.

IMF on Australia - Near-term risks are more balanced

The International Monetary Fund's (IMF) view of Australia economy is crossing the wires via Bloomberg and Livesquawk.

Reserve Bank of New Zealand's new Governor, Adrian Orr

The Reserve Bank of New Zealand has a new governor, Adrian Orr, who will begin his tenure at the head of New Zealand's central bank on March 27th. 

Key Focus ahead

We have a data-heavy calendar ahead, with a raft of flash manufacturing and services PMI reports from across the Euro area economies to kick-off the session, followed by the UK labor market report, which will be closely eyed for fresh insights on the wage growth numbers.

Later in the NA session, BOE Governor Carney and his company will have their hearings on inflation and the economic outlook before Parliament's Treasury Select Committee (TSC). From the US docket, we have the Markit flash manufacturing and services PMI readings ahead of the existing home sales data. However, the US macro news will play a second fiddle to the FOMC latest meeting minutes release.

EUR/USD - Short-term bear reversal sighted ahead of EZ PMIs

The EUR/USD could regain its mojo if the preliminary Eurozone PMI (due today) show continued expansion in economic activity in February. 

GBP/USD staying afloat ahead of unemployment, earnings data

It's a data-loaded Wednesday for the GBP/USD today with Average Earnings growth, ILO 3-month Unemployment Rate, Claimant Count, and Public Sector Net Borrowing, all dropping at 09:30 GMT. 

UK: Strong jobs growth to continue and wage growth to pick up - Nomura

Analysts at Nomura are out with their expectations on today’s UK labor market report due to be released at 0930 GMT.

Preview of the FOMC minutes - Nomura

"The FOMC minutes from the 30-31 January meeting should provide additional color on what we perceived to be a marginally hawkish post-meeting statement (January FOMC Recap, Policy Watch, 31 January 2018).”

GMT
Event
Vol.
Actual
Consensus
Previous
Tuesday, Feb 20
21:00
0.4%
 
0.0% Revised from 0.1%
23:00
 
 
23:30
-0.2%
-0.2%
0.2% Revised from 0.3%
Wednesday, Feb 21
24h
 
 
00:30
54.0
55.2
54.8
00:30
-19.4%
-10.0%
16.6% Revised from 15.7%
00:30
2.1%
2.0%
2.0%
00:30
0.6%
0.5%
0.5%
01:10
 
 
04:30
0.5%
0.5%
1.0%
05:30
 
 
24
05:30
 
 
2.6%
07:00
 
 
24.2
07:00
 
 
4.1%
08:00
 
 
4.7%
08:00
 
 
0.5%
08:00
 
 
08:00
 
58.0
58.4
08:00
 
59.0
59.2
08:00
 
59.4
59.6
n/a
 
 
8.6%
n/a
 
 
5.5%
08:30
 
57.0
57.3
08:30
 
58.5
59.0
08:30
 
60.6
61.1
08:30
 
 
-1.4%
08:30
 
 
3.3%
09:00
 
59.3
59.6
09:00
 
57.6
58.0
09:00
 
58.5
58.8
09:30
 
2.4%
2.4%
09:30
 
4.3%
4.3%
09:30
 
2.5%
2.5%
09:30
 
4.1K
8.6K
09:30
 
 
2.4%
09:30
 
£-11.100B
£0.979B
11:00
 
 
€1.14B
12:00
 
 
-4.1%
13:55
 
 
-1.1%
13:55
 
 
2.8%
14:00
 
 
14:15
 
 
n/a
 
 
14:15
 
 
14:15
 
 
14:15
 
 
14:45
 
55.4
55.5
14:45
 
54.4
53.8
14:45
 
54.0
53.3
15:00
 
5.60M
5.57M
15:00
 
0.9%
-3.6%
n/a
 
 
2.434%
19:00
 
 
21:30
 
 
3.94M
23:50
 
 
¥-973.2B
23:50
 
 
¥-429.5B
Thursday, Feb 22
00:30
 
 
6.7%
00:30
 
 
4.5%
00:30
 
 
1%
01:15
 
 
05:15
 
 
07:00
 
 
3%
07:00
 
 
3.5%
07:00
 
 
6%
07:45
 
-0.1%
0.4%
07:45
 
 
0.3%
07:45
 
113
113
08:30
 
 
2.9%
08:30
 
 
1.7%
09:00
 
127.2
127.7
09:00
 
117.0
117.6
09:00
 
108.0
108.4
09:00
 
 
1.3%
09:00
 
 
5.1%
09:00
 
 
0.3%
09:00
 
 
8.9%
09:00
 
 
-0.1%
09:00
 
 
2.4%
09:30
 
0.5%
0.5%
09:30
 
1.5%
1.5%
09:30
 
 
1.7%
09:30
 
0.5%
0.5%
09:30
 
 
0.4%
10:00
 
 
0.2%
10:00
 
-1.6%
-1.6%
10:00
 
1.1%
1.1%
10:00
 
 
0.8%
n/a
 
 
0.98%
11:00
 
 
0.39%
11:00
 
 
12%
12:30
 
 
13:00
 
 
4.6%
13:00
 
 
$447.4B
13:30
 
1.933M
1.942M
13:30
 
230K
230K
13:30
 
0.3%
1.6%
13:30
 
0.3%
0.2%
14:00
 
 
0.24%
14:00
 
 
0.17%
14:00
 
 
15:00
 
 
15:30
 
 
-194B
15:30
 
 
1.841M
16:00
 
 
16
17:10
 
 
n/a
 
 
2.565%
21:45
 
 
0.5%
21:45
 
 
0.2%
23:30
 
 
1%
23:30
 
0.8%
0.9%
23:50
 
 
0.8%
Friday, Feb 23
24h
 
 
24h
 
 
05:00
 
 
0.6
07:00
 
 
2.9%
07:00
 
0.6%
0.6%
07:00
 
2.3%
2.3%
07:00
 
 
1.1%
07:15
 
 
4.956M
08:00
 
 
3.4%
09:00
 
 
6.6%
10:00
 
1%
1%
10:00
 
-0.9%
0.4%
10:00
 
1.3%
1.3%
10:00
 
-1.5%
0.5%
11:00
 
 
11.8%
11:30
 
 
108.3
11:30
 
 
78.2%
11:30
 
 
$419.76B
13:30
 
1.4%
1.9%
13:30
 
 
1.2%
13:30
 
 
-0.5%
13:30
 
0.4%
-0.4%
14:00
 
 
-0.3%
14:00
 
 
1.5%
n/a
 
 
15:00
 
 
1.8%
15:00
 
 
$-5.528M
15:15
 
 
18:00
 
 
798
18:30
 
 
19:30
 
 
$175.6K
19:30
 
 
712.3K
19:30
 
 
$179K
19:30
 
 
£14.9K
19:30
 
 
¥-115.5K
19:30
 
 
€127.3K
19:30
 
 
$9.1K
21:00
 
 
109.9
Saturday, Feb 24
01:30
 
 
5.3%

 

 

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