Forex today witnessed good two-way price movement in the US dollar versus its main competitors, with a solid comeback staged from multi-year troughs below 90 handle knocked-off most majors lower. Meanwhile, the EUR, AUD, and GBP were offered into the technical selling while the Yen remained unfazed by weaker Asian equities and Treasury yields.

Amongst the commodities, oil prices traded neutral ahead of the US weekly crude stockpiles data and gold prices held onto gains above $ 1340 levels.

Main topics in Asia

BoJ keeps JGBs purchases unchanged in today’s operation

The Bank of Japan (BoJ) made no changes to the purchases of the Japanese Government Bonds (JGBs) in the 1-3 and 3-5 year maturities for today.

US House Republicans debate stop-gap govt funding bill - Reuters News

As per Reuters news, US House Republicans are considering a stop-gap govt funding bill through Feb 16. If approved, it will be fourth such measure to keep govt operating since October. 

AUD/USD closes in on 0.80 after home loans beat forecasts

AUD/USD cut through resistance at 0.7978 (76.4% Fib R of Sep-Dec sell-off) and almost tested 0.80 levels after the data released in Australia showed the value of home loan lending rose for the second month in November.

Participants in N. Korea meeting agree to consider further diplomatic actions that go beyond UN resolution

Reuters reporting the statement issued from the 'Co-chairs' on North Korea, following their meeting in Vancouver.

Brexit uncertainty - Number of new graduate jobs falls for first time since financial crisis

The number of new graduate jobs fell for first time since the financial crisis as leading recruiters downgrade hiring plans due Brexit uncertainty says a survey of the UK’s leading 100 graduate recruiters.

Key Focus ahead

The EUR calendar continues to remain data-light for the third straight session, with nothing of note slated for release, except for the Eurozone final CPI report. Ahead of the NA session, we have the speech from the BOE MPC member Saunders at the Financial Intermediary and Broker Association inaugural conference, in London.

The main risk event for the markets today remains the Bank of Canada (BOC) interest rate decision, followed by Poloz’ press conference. Markets are widely expecting a 25bps rate hike today.

 EUR/USD fades spike to 3-year high after inside day doji candle

The EUR/USD rose to a fresh three-year high of 1.2323 a few minutes ago only to fall back below 1.23 levels, indicating the overbought technical conditions are likely coming into play.

GBP/USD rejected at 1.3835, surrenders 1.3800

The GBP/USD pair failed once again to sustain above the 1.38 handle, now accelerating the corrective slide from fresh post-Brexit vote highs reached at 1.3836.

Focus on Wednesday's final EZ CPI - BBH

Global Currency Strategy Team at Brown Brothers Harriman & Co. (BBH) offered a brief preview for the upcoming release of the final EZ CPI print on Wednesday. 

Canadian Dollar Awaits Central Bank Anticipated Rate Hike

The USD/CAD has been almost flat this week awaiting the rate decision by the Bank of Canada (BoC).

BOC to raise the overnight rate by 25bps today – RBC CM

Analysts at RBC Capital Markets offer a brief sneak peek on what to expect from today’s Bank of Canada’s (BOC) monetary policy decision.

Fed Beige Book preview - Nomura

Analysts at Nomura offered their preview for the Fed Beige Book.

GMT
Event
Vol.
Actual
Consensus
Previous
Wednesday, Jan 17
n/a
 
 
1.2%
10:00
 
1.1%
1.1%
10:00
 
0.4%
0.1%
10:00
 
0.2%
-0.1%
10:00
 
1.4%
1.4%
11:45
 
 
12:00
 
 
8.3%
13:55
 
 
3.4%
13:55
 
 
0.1%
14:15
 
0.4%
0.2%
14:15
 
77.3%
77.1%
15:00
 
72
74
15:00
 
 
15:00
 
 
15:00
 
1.25%
1.00%
16:15
 
 
19:00
 
 
20:00
 
 
20:15
 
 
21:00
 
$31.3B
$151.2B
21:00
 
$36.5B
$23.2B
21:30
 
 
21:30
 
 
-11.19M
Thursday, Jan 18
n/a
 
 
-6.1%
00:01
 
 
0%

 

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