Forex Today: USD rebounds in Asia, US Mnuchin and ISM in focus

Dhwani Mehta FXStreet

Broad based US dollar rebound was the underlying theme in a holiday-quiet Asian session this Monday, with markets digesting latest development on the Brexit deal-front. As a result, the pound remained under heavy selling pressure, while the Yen also suffered amid resurgent USD demand and risk-on market profile.

Later today, we have an empty EUR calendar, as most major European markets along with UK markets remain closed in observance of their respective holidays. Hence, focus remains on the US treasury secretary Mnuchin’s speech due ahead of the US open. Also, a spate of US macro data, including the Core PCE price index, personal spending and ISM manufacturing PMI, will grab a lot of attention ahead of the FOMC meeting due on Wednesday.

Main topics in Asia

US government funding: Full House and Senate still must approve the deal - senior congressional aides

According to the Washington Post, a few unnamed senior congressional aides are now being quoted, noting that Full House and Senate still must approve the deal.

UK Press: Theresa May renews threat to walk away from EU without a deal

Brexit headlines reported on the front page of the UK Times for Monday, cited that the UK PM Theresa May renews threat to walk away from EU without a deal.

USD longs reduced, GBP shorts cut - ANZ

The research team at ANZ lists down the CFTC positioning data for the week ending 25 April 2017.

NZ Treasury report: Economic expansion persisting at a solid pace

The New Zealand Treasury team is out with its latest monthly economic indicators report, highlighting the following..

NZ PM English: NZD in 66-70 US cent range sustainable for exporters - BBG

Key Focus ahead

European data risks this week? - Nomura

Analysts at Nomura offered their outlook for the week ahead in Europe.

Busy calendar: Central Banks, US NFP and Le Pen facing Macron in runoff election

The week ahead could be one to shake the foundations of the FXspace and set the tone for the rest of this year.

Key events this 'BUSY' week for the US - Nomura

Analysts at Nomura offered a round-up of the key events in the US this week, explained that recent data on employment point to a return to trend in nonfarm payroll gains in April following a downside surprise in March.

GMT	Event	Consensus	Previous
Monday, May 01
06:30	AUD RBA Commodity Index SDR (YoY)		50.1%
n/a	EUR European Commission Releases Economic Growth Forecasts
11:45	USD Treasury Sec Mnuchin Speech
12:30	USD Core Personal Consumption Expenditure - Price Index (MoM)	-0.1%	0.2%
12:30	USD Personal Income (MoM)	0.3%	0.4%
12:30	USD Personal Consumption Expenditures - Price Index (YoY)		2.1%
12:30	USD Core Personal Consumption Expenditure - Price Index (YoY)		1.8%
12:30	USD Personal Spending	0.2%	0.1%
12:30	USD Personal Consumption Expenditures - Price Index (MoM)		0.1%
13:30	CAD RBC Manufacturing PMI		55.5
13:45	USD Markit Manufacturing PMI		52.8
14:00	USD ISM Prices Paid	67.9	70.5
14:00	USD ISM Manufacturing PMI	56.5	57.2
14:00	USD Construction Spending (MoM)	0.4%	0.8%
15:30	USD 3-Month Bill Auction		0.82%
15:30	USD 6-Month Bill Auction		0.955%
n/a	USD Loan Officer Survey
Tuesday, May 02
04:30	AUD RBA Interest Rate Decision	1.5%	1.5%
04:30	AUD RBA Rate Statement
07:55	EUR Markit Manufacturing PMI	58.2	58.2
08:00	EUR Markit Manufacturing PMI	56.8	56.8
08:30	GBP Markit Manufacturing PMI	54.0	54.2
09:00	EUR Unemployment Rate	9.4%	9.5%
09:30	AUD Budget Release
12:55	USD Redbook index (YoY)		1.7%

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.

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