Forex Today: GBP weakest in Asia, US data in spotlight

Dhwani Mehta FXStreet

Forex today was driven by broad GBP weakness, as the latest poll on the UK elections showed the UK PM May’s Conservatives party lead narrowing just two weeks away from the election scheduled on June 8^th. Meanwhile, the US dollar caught a fresh bid-wave across the board, although failed to extend the upside amid not so bullish comments from Fed officials Williams and Bullard. The commodity-currencies continued to weaken, in the wake of OPEC disappointment induced oil-price sell-off.

Attention now turns towards the US docket, with the durable goods, GDP and consumer sentiment data on the cards, while the G7 meeting will go on throughout the data. In the European session ahead, we have absolutely no macro events due to be reported.

Main topics in Asia

Japanese inflation rises at a fastest pace since Apr 2015

Japan’s consumer prices excluding food increased 0.3% in April year-on-year, the fastest rise since April 2015.

Fed’s Williams: The best way to sustain the economy's momentum, is by gradually raising rates

Reuters out with more comments from San Francisco Fed President Williamsdelivered earlier today.

Fed’s Bullard: US macro data have been relatively weak, on balance, since March rate hike

“If the BOJ decides to taper JGB purchases, has to be communicated carefully with markets, or cause global dislocation”

China PBOC said to plan change in Yuan fixing formula - BBG

According to Bloomberg news, the Chinese central bank (PBOC) is seen considering changes in Yuan fixing formula.

Key Focus ahead

GBP/USD pauses sell-off, but stays below 1.2900

The bears loosened grip on the pound heading into early Europe, allowing a tepid-bounce in GBP/USD back towards 1.29 handle.

EURUSD: Possible range trade

EurUsd traded a tight 1.1193/1.1250 range on Thursday, leaving the outlook unchanged.

Key US data on the cards - Nomura

Analysts at Nomura offered their previews for the key US data for the forthcoming session.

Oil: OPEC disappointment-led slide stalls ahead of $ 48 mark

Oil prices on both sides of the Atlantic are seen consolidating the massive drop induced by disappointment on the OPEC’s decision announced a day before.

GMT	Event	Actual	Consensus	Previous
Thursday, May 25
21:00	KRW Consumer Sentiment Index	108		101
23:30	JPY National CPI Ex Food, Energy (YoY)	0.0%		-0.1%
23:30	JPY National Consumer Price Index (YoY)	0.4%	0.4%	0.2%
23:30	JPY National CPI Ex-Fresh Food (YoY)	0.3%	0.4%	0.2%
23:30	JPY Tokyo Consumer Price Index (YoY)	0.2%		-0.1%
23:30	JPY Tokyo CPI ex Food, Energy (YoY)	0.0%	0.0%	-0.1%
23:30	JPY Tokyo CPI ex Fresh Food (YoY)	0.1%		-0.1%
23:50	JPY Corporate Service Price (YoY)	0.7%	0.9%	0.8%
Friday, May 26
24h	EUR G7 Meeting
02:45	USD Fed's Bullard speech
07:00	TRY Economic confidence index			99.5
07:00	HUF Unemployment Rate (3M)			4.5%
08:00	EUR Consumer Confidence		107.3	107.5
08:00	EUR Business Confidence		108.0	107.9
11:30	INR Bank Loan Growth			4.3%
11:30	INR FX Reserves, USD			$375.27B
12:30	USD Gross Domestic Product Price Index		2.3%	2.2%
12:30	USD Gross Domestic Product Annualized		0.9%	0.7%
12:30	USD Personal Consumption Expenditures Prices (QoQ)		2.4%	2.4%
12:30	USD Core Personal Consumption Expenditures (QoQ)		2%	2%
12:30	USD Durable Goods Orders ex Transportation		0.4%	0.8% Revised from -0.2%
12:30	USD Durable Goods Orders		-1.4%	1.7% Revised from 0.7%
13:00	MXN Jobless Rate s.a			3.5%
13:00	MXN Jobless Rate		3.32%	3.20%
14:00	USD Michigan Consumer Sentiment Index		97.5	97.7
14:30	BRL Nominal Budget Balance			-54.349B
14:30	BRL Primary Budget Surplus		5.000B	-11.047B
17:00	USD Baker Hughes US Oil Rig Count			720
19:30	USD CFTC Gold NC net positions			$126.7K
19:30	USD CFTC USD NC net positions			$32.1K
19:30	USD CFTC Oil NC net positions			329K
19:30	GBP CFTC GBP NC net positions			£-33K
19:30	JPY CFTC JPY NC net positions			¥-60K
19:30	EUR CFTC EUR NC net positions			€37K
19:30	AUD CFTC AUD NC net positions			$6K
20:00	COP Interest rate			6.5%
Saturday, May 27
24h	EUR G7 Meeting
Monday, May 29
24h	USD Memorial Day
24h	COP Ascension Day (Observed)
24h	GBP Spring Bank Holiday
00:01	EUR Consumer Confidence
01:30	AUD Company Gross Operating Profits (QoQ)			20.1%
06:00	EUR Industrial Confidence			5
06:00	EUR Consumer Confidence			21.5
07:00	EUR Retail Sales (YoY)			0.9%
07:15	CHF Employment Level (QoQ)			4.912M
07:30	SEK Trade Balance (MoM)			-0.8B
08:00	EUR Private loans (YoY)			2.4%
08:00	EUR M3 Money Supply (3m)			4.9%
08:00	EUR M3 Money Supply (YoY)			5.3%
09:00	EUR Trade Balance non-EU			€4.14B
09:00	ISK Consumer Price Index (YoY)			1.9%
09:00	ISK Consumer Price Index (MoM)			0.5%
10:00	EUR Retail Sales (MoM)			-0.7%
10:00	EUR Retail Sales (YoY)			3.2%
13:00	RUB Gross Domestic Product Monthly (YoY)
22:45	NZD Building Permits s.a. (MoM)			-1.8%
23:30	JPY Unemployment Rate			2.8%
23:30	JPY Jobs/applicants ratio			1.45
23:30	JPY Overall Household Spending (YoY)			-1.3%
23:50	JPY Large Retailer's Sales			-0.8%
23:50	JPY Retail Trade s.a (MoM)			0.2%
23:50	JPY Retail Trade (YoY)			2.1%
Tuesday, May 30
24h	CNY Dragon Boat Festival
24h	TRY Victory Day
24h	HKD Dragon Boat Festival
01:00	NZD ANZ Business Confidence			11
01:30	AUD Building Permits (MoM)			-13.4%
01:30	AUD Building Permits (YoY)			-19.9%
05:30	EUR Gross Domestic Product (QoQ)			0.3%
05:30	EUR Gross Domestic Product (YoY)			0.8%
06:00	ZAR M3 Money Supply (YoY)			5.62%
06:00	ZAR Private Sector Credit			4.95%
06:00	GBP Nationwide Housing Prices s.a (MoM)			-0.4%
06:00	GBP Nationwide Housing Prices n.s.a (YoY)			2.6%
06:00	NOK Retail Sales			0.1%
06:45	EUR Consumer Spending (MoM)			-0.4%
07:00	DKK Industrial Outlook			1
07:00	EUR HICP (YoY)			2.6%
07:00	EUR Producer Price Index (YoY)			2.7%
07:00	EUR Producer Price Index (MoM)			-0.1%
07:00	CHF KOF Leading Indicator			106
07:30	SEK Retail Sales (YoY)			1.9%
07:30	SEK Retail Sales (MoM)			-0.4%
07:30	SEK Gross Domestic Product (YoY)			2.3%
07:30	SEK Gross Domestic Product (QoQ)			1%
08:00	EUR Producer Price Index (YoY)			3.1%
08:00	EUR Producer Price Index (MoM)			0%
08:30	EUR Business Confidence			1.8
08:30	EUR Consumer Confidence			-1.8
n/a	EUR 10-y Bond Auction			2.29%
n/a	EUR 5-y Bond Auction			1.04%
09:00	EUR Producer Price Index (YoY)			7.7%
09:00	EUR Consumer Price Index (YoY)
09:00	EUR Consumer Price Index (MoM)
n/a	EUR 10-y Bond Auction			0.81%
10:00	EUR Industrial Confidence			2.6
10:00	EUR Business Climate			1.09
10:00	EUR Economic Sentiment Indicator			109.6
10:00	EUR Services Sentiment			14.2
12:00	EUR Harmonised Index of Consumer Prices (YoY)			2%
12:00	EUR Consumer Price Index (YoY)			2%
12:00	EUR Harmonised Index of Consumer Prices (MoM)			0%
12:00	EUR Consumer Price Index (MoM)			0%
12:00	TRY Foreign Arrivals			-4%
12:30	USD Personal Consumption Expenditures - Price Index (MoM)			-0.2%
12:30	USD Personal Spending			0%
12:30	USD Core Personal Consumption Expenditure - Price Index (YoY)			1.6%
12:30	USD Core Personal Consumption Expenditure - Price Index (MoM)			-0.1%
12:30	USD Personal Consumption Expenditures - Price Index (YoY)			1.8%
12:30	USD Personal Income (MoM)			0.2%
12:30	EUR Current Account Balance EUR			€56B
12:30	CAD Raw Material Price Index			-1.6%
12:30	CAD Industrial Product Price (MoM)			0.8%
12:30	CAD Current Account			-10.73B
12:55	USD Redbook index (MoM)			-1.1%
12:55	USD Redbook index (YoY)			2%
13:00	USD S&P/Case-Shiller Home Price Indices (YoY)			5.9%
13:00	EUR Consumer Price Index (YoY)			2.28%
13:00	EUR Consumer Price Index (MoM)			0.17%
14:30	USD Dallas Fed Manufacturing Business Index			16.8
15:30	USD 4-Week Bill Auction			0.735%
15:30	USD 3-Month Bill Auction			0.92%
15:30	USD 6-Month Bill Auction			1.05%
20:00	MXN Fiscal Balance, pesos			340.61B
20:00	NZD RBNZ Financial Stability Report
21:00	KRW BOK Manufacturing BSI			79
23:00	KRW Industrial Output (YoY)			3%
23:00	KRW Industrial Output Growth			1%
23:00	KRW Service Sector Output			0.4%
23:50	JPY Industrial Production (YoY)			3.5%
23:50	JPY Industrial Production (MoM)			-1.9%
Wednesday, May 31
01:00	CNY Non-manufacturing PMI			54
01:00	CNY NBS Manufacturing PMI			51.2
01:00	NZD ANZ Activity Outlook			37.7%
01:30	AUD Private Sector Credit (YoY)			5%
01:30	AUD Private Sector Credit (MoM)			0.3%
01:30	AUD Gross Domestic Product (YoY)			2.4%
01:30	AUD Gross Domestic Product (QoQ)			1.1%
05:00	JPY Annualized Housing Starts			0.984M
05:00	JPY Housing Starts (YoY)			0.2%
05:00	JPY Construction Orders (YoY)			1.1%
06:00	EUR Import Price Index (MoM)			-0.5%
06:00	EUR Import Price Index (YoY)			6.1%
06:00	EUR Retail Sales (YoY)			2.3%
06:00	EUR Retail Sales (MoM)			0.1%
06:00	CHF UBS Consumption Indicator			1.5
06:00	NOK Credit Indicator			5.3%
06:45	EUR Producer Prices (MoM)			-0.5%
06:45	EUR Consumer Price Index (EU norm) (YoY)			1.4%
07:00	HUF Producer Price Index (YoY)			4.2%
07:55	EUR Unemployment Change			-15K
07:55	EUR Unemployment Rate s.a.			5.8%
08:00	PLN Gross Domestic Product Qtr (YoY)			4%
08:00	EUR Current Account Balance			€-0.2B
08:00	CHF ZEW Survey - Expectations			22.2
08:30	GBP Net Lending to Individuals (MoM)			£4.7B
08:30	GBP Consumer Credit			£1.624B
08:30	GBP Mortgage Approvals			66.837K
08:30	GBP M4 Money Supply (YoY)			6.6%
08:30	GBP M4 Money Supply (MoM)			0.3%
09:00	EUR Consumer Price Index (YoY)			1.9%
09:00	EUR Consumer Price Index (MoM)			0.4%
09:00	EUR Consumer Price Index (EU Norm) (MoM)			0.8%
09:00	EUR Consumer Price Index (EU Norm) (YoY)			2%
09:00	EUR Retail Sales (YoY)			9.6%
09:00	EUR Unemployment Rate			9.5%
09:00	EUR Consumer Price Index (YoY)			1.9%
09:00	EUR Consumer Price Index - Core (YoY)			1.2%
10:00	EUR Gross Domestic Product (YoY)			2.8%
n/a	EUR Gross Domestic Product (QoQ)			1%
11:00	USD MBA Mortgage Applications			4.4%
11:30	INR Infrastructure Output (YoY)
12:00	CLP Unemployment rate			6.6%
12:00	PLN Consumer Price Index (YoY)			2%
12:00	PLN Consumer Price Index (MoM)			0.3%
12:00	ZAR Trade Balance (in Rands)			5.22B
12:00	INR Gross Domestic Product Quarterly (YoY)			7%
12:00	INR Federal Fiscal Deficit, INR
12:30	CAD Gross Domestic Product Annualized (QoQ)			2.6%
12:30	CAD Gross Domestic Product (MoM)			0%
13:00	BRL Unemployment Rate
13:45	USD Chicago Purchasing Managers' Index			58.3
14:00	USD Pending Home Sales (YoY)			0.5%
14:00	USD Pending Home Sales (MoM)			-0.8%
15:00	COP National Jobless Rate
18:00	USD Fed's Beige Book
19:00	ARS Industrial Output n.s.a (YoY)			-0.4%
20:30	USD API Weekly Crude Oil Stock			-1.5M
21:00	BRL Interest Rate Decision			11.25%
22:45	NZD Terms of Trade Index			5.7%
23:00	KRW Consumer Price Index Growth (YoY)			1.9%
23:00	KRW Consumer Price Index Growth			-0.1%
23:30	AUD AiG Performance of Mfg Index			59.2
23:50	JPY Capital Spending			3.8%
23:50	JPY Foreign bond investment			¥778.5B
23:50	JPY Foreign investment in Japan stocks			¥-26.4B
Thursday, Jun 01
24h	IDR Pancasila Day
00:00	KRW Trade Balance			$12.98B
00:30	JPY Nikkei Manufacturing PMI			52
01:30	AUD Retail Sales s.a. (MoM)			-0.1%
01:30	AUD Private Capital Expenditure			-2.1%
01:45	CNY Caixin Manufacturing PMI			50.3
05:45	CHF Gross Domestic Product (YoY)			0.6%
05:45	CHF Gross Domestic Product s.a. (QoQ)			0.1%
06:00	EUR Gross Domestic Product Qtr Prelim (YoY)			1.6%
06:00	RUB HSBC Manufacturing PMI			52.4
06:30	AUD RBA Commodity Index SDR (YoY)			38.6%
06:30	SEK Purchasing Managers Index Manufacturing (MoM)			62.5
07:00	EUR Unemployment Rate			8.9%
07:00	EUR Unemployment			354.1K
07:00	HUF Trade Balance			€956M
07:00	EUR Purchasing Manager Index Manufacturing			55
07:15	EUR Markit Manufacturing PMI			54.5
07:15	CHF Real Retail Sales (YoY)			2.1%
07:30	CHF SVME - Purchasing Managers' Index			57.4
07:30	SEK Current Account (QoQ)			64.3B
07:45	EUR Markit Manufacturing PMI			56.2
07:50	EUR Markit Manufacturing PMI			54
07:55	EUR Markit Manufacturing PMI			59.4
08:00	EUR Gross Domestic Product (YoY)			0.8%
08:00	EUR Gross Domestic Product (QoQ)			0.2%
08:00	EUR Markit Manufacturing PMI			48.2
08:00	EUR Markit Manufacturing PMI			57
08:30	GBP Markit Manufacturing PMI			57.3
09:00	TRY Exports			$13.616B
10:30	ZAR Unemployment Rate (%)			26.5%
10:30	ZAR Unemployment Total
10:30	ZAR Unemployment Total			5.781M
11:30	USD Challenger Job Cuts (YoY)			36.602K
12:00	CZK Budget Balance			6.27B
12:15	USD ADP Employment Change			177K
12:30	USD Continuing Jobless Claims			1.923M
12:30	USD Initial Jobless Claims			234K
13:00	BRL HSBC PMI Manufacturing			50.1
13:00	ZAR Total New Vehicle Sales			34,956
13:30	CAD Markit Manufacturing PMI			55.9
13:45	USD Markit Manufacturing PMI			52.5
14:00	USD ISM Manufacturing PMI			54.8
14:00	USD ISM Prices Paid			68.5
14:00	USD Construction Spending (MoM)			-0.2%
14:30	USD EIA Natural Gas Storage change			75B
15:00	USD EIA Crude Oil Stocks change			-4.432M
n/a	USD Total Vehicle Sales			16.88M
23:00	KRW Gross Domestic Product Growth (QoQ)			0.9%
23:00	KRW Gross Domestic Product Growth (YoY)			2.7%
23:50	JPY Monetary Base (YoY)			19.8%
Friday, Jun 02
24h	EUR Republic Day
00:00	AUD HIA New Home Sales (MoM)			-1.1%
04:00	IDR Core Inflation (YoY)			3.28%
04:00	IDR Inflation (MoM)			0.09%
04:00	IDR Inflation (YoY)			4.17%
05:00	JPY Consumer Confidence Index			43.2

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD trims gains, back below 1.1800

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GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

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