FX today witnessed an eventful Asian session on the final trading day of this week, with plenty of economic data reported from the Japanese docket, offering limited support to the Yen bulls. The Japanese political headlines continued to weigh down on the sentiment around the local currency. The Aussie consolidated above 0.7950 levels, while the NZD/USD pair also traded modestly flat sub 0.75 handle. However, the main market mover this session was the Swiss Franc, which got heavily sold-off into Algo trading, with stops being hit across the board.

Main topics in Asia

Japan's inflation remains subdued, slight uptick in Tokyo CPI

Japanese inflation numbers came a touch higher than expected in Tokyo, while nationwide, the price levels continued to remain stagnant, with no improvements observed. 

BOJ "Summary of Opinions": Additional easing not needed

The key headlines from the Bank of Japan (BOJ) summary of opinions (sort of early minutes) of the July meeting concluded last week, are crossing he wires via Reuters and Bloomberg.

US Senate joins House in passing new sanctions on Russia

The Senate overwhelmingly voted to impose new sanctions on Russia, joining the House in approving the measure by veto-proof margins. 

Japan’s Defense Minister Inada steps down

Reuters out with latest headlines on the Japanese political scenario, citing that Japan’s Defense Minister Inada official announced her resignation at the presser.

USD/CHF clocks 13-month high, runs into 23.6% Fib R of 2000 high - 2011 low

The sell-off in the Swiss Franc in Asia pushed the USD/CHF to a 13-month high of 0.9718 - which is also the 23.6% Fibonacci retracement of the fall from the 2000 high to 2011 low. 

Fonterra Australia raises farmgate milk prices for 2017-18 by 20 cents

Fonterra’s Australian operation has lifted its milk price by 20 cents due to improved market conditions.

Key Focus ahead

Looking ahead, the EUR calendar offers the key German prelim CPI data ahead of the Spanish CPI and GDP reports, while the UK docket remains data-empty. Meanwhile, the growth numbers from the US and Canada will drive the sentiment in the NA session. Besides, revised UoM consumer sentiment data and FOMC member Kashkari’s speech will also remain in focus.

EUR/USD: Recovery appears limited ahead of German CPI, US GDP

EUR/USD is looking to break higher from the overnight consolidation box and regain 1.1700 levels and beyond ahead of the German CPI and US Q2 GDP data due on the cards later today.

US GDP Q2 preview, first estimate to accelerate - Nomura

"Q2 GDP, first estimate: We expect real GDP growth to accelerate to 2.9% q-o-q saar in Q2 from 1.4% in Q1.” 

Australia: Key events for the week ahead – Deutsche Bank

In view of analysts at Deutsche Bank, the key events over the week ahead for Australia will be the RBA's monthly board meeting and also the release of the August Statement on Monetary Policy.

NZ: 2Q labour market figures likely to show continuous rise in employment - Westpac

Satish Ranchhod, Senior Economist at Westpac, suggests that NZ’s June quarter labour market figures are likely to show that employment is continuing to rise, underpinned by firm economic activity.

GMT
Event
Vol.
Actual
Consensus
Previous
Thursday, Jul 27
23:30
-0.1%
-0.1%
-0.2%
23:30
0.1%
0.1%
0.0%
23:30
0.2%
0.1%
0.0%
23:50
2.1%
2.3%
2.1% Revised from 2.0%
23:50
0.2%
0.4%
-1.6%
23:50
0.2%
-0.1%
-0.6%
23:50
 
 
Friday, Jul 28
01:30
1.7%
 
1.3%
01:30
0.5%
0.6%
0.5%
02:30
2.2%
 
2.2%
05:30
 
0.5%
0.5%
06:00
 
 
1.3%
06:45
 
-0.2%
1.0%
06:45
 
0.8%
0.8%
07:00
 
 
98.9
07:00
 
 
2
07:00
 
1.5%
1.6%
07:00
 
0.9%
0.8%
07:00
 
3.1%
3.0%
07:00
 
 
0.7%
07:00
 
 
2%
07:00
 
 
-0.4%
07:00
 
106.0
105.5
07:30
 
 
2.4%
07:30
 
 
0.4%
07:30
 
 
2.2%
07:30
 
 
0.4%
08:00
 
 
60.7
08:00
 
 
94.61K
08:00
 
 
2.6%
08:30
 
 
2.1
08:30
 
 
1.7
09:00
 
 
3.9%
09:00
 
 
1.6%
09:00
 
 
-0.15%
09:00
 
13.2
13.4
09:00
 
-1.7
-1.7
09:00
 
110.8
111.1
09:00
 
1.12
1.15
09:00
 
4.3
4.5
n/a
 
 
2.16%
n/a
 
 
0.81%
10:00
 
 
0.8%
10:00
 
 
3.3%
n/a
 
 
9%
n/a
 
 
$389.06B
12:00
 
1.4%
1.5%
12:00
 
0.2%
0.2%
12:00
 
1.5%
1.6%
12:00
 
0.3%
0.2%
12:00
 
 
16.27%
12:00
 
 
13.3%
12:00
 
 
-0.67%
12:30
 
2.6%
1.4%
12:30
 
1.3%
1.9%
12:30
 
0.6%
0.8%
12:30
 
1.2%
2.4%
12:30
 
0.8%
2.0%
12:30
 
0.2%
0.2%
13:00
 
 
1.9%
14:00
 
93.1
93.1
14:30
 
 
-66.989B
14:30
 
 
-30.7B
17:00
 
 
764
17:20
 
 
19:30
 
 
396.5K
19:30
 
 
$60.1K
19:30
 
 
$102.4K
19:30
 
 
£-16.5K
19:30
 
 
¥-126.9K
19:30
 
 
€91.3K
19:30
 
 
$51.4K
21:00
 
 
14.19B
Sunday, Jul 30
22:45
 
 
7%
23:50
 
 
-3.6%
23:50
 
 
6.5%
Monday, Jul 31
01:00
 
 
01:00
 
 
54.9
01:00
 
 
42.8%
01:00
 
 
24.8
01:00
 
 
1.1%
01:00
 
 
0.1%
01:00
 
 
2.3%
01:30
 
 
0.4%
01:30
 
 
5%
05:00
 
 
-0.3%
05:00
 
 
-0.5%
05:00
 
 
0.998M
06:00
 
 
4.8%
06:00
 
 
0.5%
06:00
 
 
5.98%
06:00
 
 
6.69%
07:00
 
 
-7.31B
07:00
 
 
2.7%
08:00
 
 
11.3%
08:00
 
 
€0.448B
08:30
 
 
£5.3B
08:30
 
 
£1.732B
08:30
 
 
65.202K
08:30
 
 
-0.1%
08:30
 
 
6.7%
09:00
 
 
1.2%
09:00
 
 
-0.1%
09:00
 
 
-0.2%
09:00
 
 
1.2%
09:00
 
 
3%
09:00
 
 
9.3%
09:00
 
 
1.3%
09:00
 
 
1.2%
10:00
 
 
10:00
 
 
3,733.61B
n/a
 
 
3.6%
12:00
 
 
1.5%
12:00
 
 
-0.2%
12:00
 
 
9.49B
12:30
 
 
-0.2%
12:30
 
 
-1.8%
13:00
 
 
7%
13:00
 
 
0.6%
13:45
 
61.5
65.7
14:00
 
 
0.5%
14:00
 
 
-0.8%
14:00
 
 
15
n/a
 
 
15:00
 
 
9.4%
15:30
 
 
1.18%
15:30
 
 
1.13%
19:00
 
 
2.7%
23:00
 
 
1.9%
23:00
 
 
1.4%
23:30
 
 
55
Tuesday, Aug 01
00:00
 
 
$10.77B
24h
 
 
00:30
 
 
50.1
00:30
 
 
52.2
01:45
 
 
50.4
04:00
 
 
3.13%
04:00
 
 
0.69%
04:00
 
 
4.37%
04:30
 
 
1.5%
04:30
 
 
05:00
 
 
-0.16%
05:00
 
 
56
06:00
 
-0.1%
1.1%
06:00
 
2.7%
3.1%
06:30
 
 
25%
06:30
 
 
62.4
07:00
 
 
53.1
07:00
 
 
8.6%
07:00
 
 
337.9K
07:00
 
 
57.2
07:00
 
 
€913M
07:15
 
 
54.7
07:30
 
 
56.4
07:45
 
 
55.2
07:45
 
55.0
55.4
07:55
 
 
7K
07:55
 
 
5.7%
07:55
 
 
58.3
08:00
 
 
50.5
08:00
 
 
56.8
08:30
 
 
54.3
09:00
 
 
$12.1B
09:00
 
 
1.9%
09:00
 
 
0.6%
12:00
 
 
4.62B
12:30
 
 
1.4%
12:30
 
0.1%
0.1%
12:30
 
0.3%
0.4%
12:30
 
0.2%
0.1%
12:30
 
 
-0.1%
12:30
 
 
1.4%
n/a
 
 
€-34B
12:55
 
 
2.1%
12:55
 
 
-1.3%
13:00
 
 
0.8%
13:00
 
 
4%
13:00
 
 
50.5
13:00
 
 
45,369
13:30
 
 
54.7
13:45
 
 
53.2
14:00
 
56.8
55.0
14:00
 
55.6
57.8
14:00
 
0.4%
0.0%
14:00
 
 
0.2%
15:30
 
 
0.98%
n/a
 
 
16.51M
20:00
 
 
226.59B
20:30
 
 
-10.23M
21:00
 
 
380.57B
21:45
 
 
70.6%
21:45
 
 
4.9%
21:45
 
 
1.2%
22:45
 
 
1.5%
22:45
 
 
0.4%
23:00
 
 
-0.3%
23:01
 
 
105
23:50
 
 
17%
Wednesday, Aug 02
01:30
 
 
-5.6%
01:30
 
 
-19.7%
05:00
 
 
43.3
05:45
 
 
-8
06:00
 
 
6%
07:00
 
 
-98.3K
07:00
 
 
07:15
 
 
-0.3%
07:30
 
 
60.1
08:30
 
 
54.8
08:30
 
 
0.5%
09:00
 
 
-0.4%
09:00
 
 
3.3%
11:00
 
 
0.4%
11:30
 
 
7.2%
12:15
 
185K
158K
13:00
 
 
50.9
13:45
 
 
55.5
n/a
 
 
463.9B
14:30
 
 
-7.208M
18:00
 
 
7.2B
23:00
 
 
4.52B
23:30
 
 
54.8
23:50
 
 
¥1,178.6B
23:50
 
 
Thursday, Aug 03
01:00
 
 
2.1%
01:30
 
 
51.1
01:30
 
 
2,471M
01:30
 
 
1%
01:30
 
 
9%
01:45
 
 
51.6
05:00
 
 
57.6
06:00
 
 
55.5
07:00
 
 
14.87%
07:00
 
 
10.9%
07:00
 
 
-0.27%
07:00
 
 
0.07%
07:00
 
 
8.8%
07:00
 
 
5.4%
07:15
 
 
58.3
07:45
 
 
53.6
07:50
 
 
55.7
07:50
 
 
55.9
07:55
 
53.7
53.5
07:55
 
56.1
55.1
08:00
 
 
08:00
 
 
55.8
08:00
 
 
55.4
08:30
 
 
53.4
09:00
 
 
1.649%
10:00
 
 
2.6%
10:00
 
 
0.4%
11:00
 
£435B
£435B
11:00
 
0.25%
0.25%
11:00
 
 
11:00
 
 
5
11:00
 
 
0
11:00
 
 
3
11:00
 
 
11:30
 
 
31.105K
11:30
 
 
12:00
 
 
0.05%
12:30
 
 
244K
12:30
 
 
1.964M
13:00
 
 
87.2
13:00
 
 
84.4
n/a
 
 
$414.7B
13:45
 
 
54.2
13:45
 
 
54.2
14:00
 
57.0
57.4
14:00
 
1.0%
-0.8%
14:30
 
 
17B
Friday, Aug 04
00:00
 
 
0.7%
01:30
 
 
0.6%
01:30
 
 

 

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