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Forex Today: Yen advances further in Asia, eyes on UK data

FXStreet Team FXStreet

Forex today in Asia experienced risk-off flows, as mixed Chinese inflation data combined with fresh North Korea headlines weighed negatively on the investors’ minds. The safe-haven Yen extended yesterday’s rebound and hit a five-day low against its US counterpart while the Aussie and Kiwi held onto minor bids amid broad-based US dollar retreat.

Among other related markets, both crude benchmarks edged higher while gold prices hovered near weekly lows, in response to higher Treasury yields across the curve. The Asian equities drifted lower, correcting slightly after a strong start to the year.

Main topics in Asia

US 10-year Treasury yield hit 10-month high

The yield on the benchmark US 10-year Treasury note closed above 2.5 percent yesterday; its highest level since March.

7.8 M earthquake strikes Caribbean, tsunami waves possible - USGS

Reuters came out with the breaking news, citing that a 7.8 magnitude earthquake hit the Caribbean islands, with a tsunami alert issued for Puerto Rico and US Virgin Island.

Trump Administration won't allow oil drilling off the coast of Florida

The Associated Press (AP) reported earlier today that the Trump administration noted that it won't allow oil drilling off the coast of Florida.

North Korea refuses to budge on nuclear stance in talks with South - Nikkei

Japanese daily, Nikkei, reports on the outcome of the talks held yesterday between North and South Korea.

BCC: UK economy set for "underwhelming" 2018 ahead of Brexit

The British Chambers of Commerce's (BCC) published its latest Quarterly Economic Survey earlier today, with key findings noted below.

China's Dec CPI ticks higher, but misses estimates

China's Consumer Price Index (MoM) (December) came in at 0.3% vs 0.4% exp and 0.0% last, while Consumer Price Index (YoY) (December) was 1.8% vs 1.9% exp and 1.7% last.

Key Focus ahead

Heading into Europe, all eyes remain on the first major macro release of this week, the UK manufacturing and industrial figures that will be reported alongside the trade and construction data release. Meanwhile, the Euroland has no macro news to report today.

Moving on, the NA calendar remains relatively quiet, except for the Canadian building permits and the US import prices data. Also, of note will be the weekly US EIA crude inventories report for both the CAD and oil prices.

EUR/USD - 10Y US-German spread widens, bearish chart posture

The EUR/USD did recovery in Asia to 1.1948 from the two-week low of 1.1915, however, a sharp rise in the US Treasury yield indicates the 10Y US-German spread could rise in USD-positive manner.

GBP/USD: Will the recovery sustain ahead of the UK data?

The GBP/USD pair staged a solid comeback from a dip to near 1.35 handle in the overnight trades, now consolidating the recovery below the 1.3550 mark, as the focus shifts towards the UK economic releases…

UK: Key economic events ahead – Nomura

Analysts at Nomura present a brief preview of the UK manufacturing and industrial output data that will be published alongside the trade figures later today at 0930GMT.

US oil may rise into $64.17-$64.72 range - Reuters News

A Reuters report says oil is witnessing an extended fifth wave and could rise to $64.17-$64.72 range.

GMT	Event	Actual	Consensus	Previous
Tuesday, Jan 09
13:55	USD Redbook index (MoM)	0.1%		0.3%
15:00	USD FOMC Member Kashkari Speech
15:00	USD JOLTS Job Openings	5.879M	6.038M	5.996M
16:30	USD 4-Week Bill Auction	1.28%		1.27%
18:00	USD 3-Year Note Auction	2.080%		1.932%
21:30	USD API Weekly Crude Oil Stock	-11.190M		-4.992M
Wednesday, Jan 10
01:30	CNY Producer Price Index (YoY)	4.9%	4.8%	5.8%
01:30	CNY Consumer Price Index (MoM)	0.3%	0.4%	0.0%
01:30	CNY Consumer Price Index (YoY)	1.8%	1.9%	1.7%
03:00	KRW Money Supply Growth	6.2%		6.0%
06:00	NOK Consumer Price Index (YoY)			1.1%
06:00	NOK Core Inflation (MoM)			-0.3%
06:00	NOK Core Inflation (YoY)			1%
06:00	NOK Consumer Price Index (MoM)			0.1%
06:00	NOK Producer Price Index (YoY)			9.7%
07:45	EUR Industrial Output (MoM)		-0.5%	1.9%
08:00	DKK Consumer Price Index (YoY)			1.3%
08:00	DKK Inflation (HICP) (YoY)			1.3%
08:00	CZK Gross Domestic Product (YoY)			5%
09:30	ZAR Business Confidence Index			95.1
09:30	GBP Industrial Production (MoM)		0.3%	0.0%
09:30	GBP Manufacturing Production (MoM)		0.3%	0.1%
09:30	GBP Industrial Production (YoY)		1.8%	3.6%
09:30	GBP Manufacturing Production (YoY)		2.8%	3.9%
09:30	GBP Trade Balance; non-EU		£-2.600B	£-2.382B
09:30	GBP Goods Trade Balance		£-10.700B	£-10.781B
09:30	GBP Total Trade Balance			£-1.405B
n/a	EUR 10-y Bond Auction			0.3%
12:00	USD MBA Mortgage Applications			0.7%
13:00	GBP NIESR GDP Estimate (3M)		0.5%	0.5%
13:30	USD Export Price Index (MoM)		0.3%	0.5%
13:30	USD Export Price Index (YoY)		2.3%	3.1%
13:30	USD Import Price Index (YoY)		3.0%	3.1%
13:30	USD Import Price Index (MoM)		0.5%	0.7%
13:30	CAD Building Permits (MoM)		-0.3%	3.5%
14:00	USD Fed's Evans Speech
15:00	USD Wholesale Inventories		0.7%	0.7%
15:00	INR Trade Deficit Government			$13.83B
15:30	USD EIA Crude Oil Stocks change		-3.890M	-7.419M
n/a	USD 10-Year Note Auction			2.384%
18:30	USD Fed's Bullard speech
23:00	KRW Unemployment Rate			3.7%
23:50	JPY JP Foreign Reserves			$1,261.2B
Thursday, Jan 11
00:30	AUD Retail Sales s.a. (MoM)		0.4%	0.5%
02:00	CNY M2 Money Supply (YoY)		9.1%	9.1%
02:00	CNY New Loans		1,000B	1,120B
05:00	JPY Leading Economic Index			106.5
05:00	JPY Coincident Index			116.4
07:00	TRY Current Account Balance			$-3.827B
07:00	DKK Industrial Production (MoM)			2.5%
07:00	EUR Gross Domestic Product (YoY)			2.6%
08:00	EUR Industrial Output Cal Adjusted (YoY)			4.1%
08:00	CZK Retail Sales (YoY)			6.3%
09:00	EUR Retail Sales s.a. (MoM)			-1%
09:00	EUR Retail Sales n.s.a (YoY)			-2.1%
09:30	GBP BOE Credit Conditions Survey
10:00	EUR Unemployment Rate (MoM)			20.5%
10:00	EUR Industrial Production w.d.a. (YoY)		3.2%	3.7%
10:00	EUR Industrial Production s.a. (MoM)		0.8%	0.2%
11:00	BRL IPCA Inflation			0.28%
11:00	ZAR Manufacturing Production Index (YoY)			2.2%
11:00	EUR Consumer Price Index (MoM)			-0.3%
11:00	EUR Consumer Price Index (YoY)			1.5%
12:30	EUR ECB Monetary Policy Meeting Accounts
13:30	USD Producer Price Index (YoY)		3.1%	3.1%
13:30	USD Producer Price Index ex Food & Energy (MoM)		0.2%	0.3%
13:30	USD Producer Price Index (MoM)		0.2%	0.4%
13:30	USD Producer Price Index ex Food & Energy (YoY)		2.5%	2.4%
13:30	USD Continuing Jobless Claims		1.923M	1.914M
13:30	USD Initial Jobless Claims		245K	250K
13:30	CAD New Housing Price Index (YoY)			3.5%
13:30	CAD New Housing Price Index (MoM)		0.2%	0.1%
14:00	MXN Consumer Confidence s.a			88.8
14:00	MXN Consumer Confidence			89.3
15:30	USD EIA Natural Gas Storage change			-206B
18:00	USD 30-Year Bond Auction			2.804%
n/a	ARS Consumer Price Index (MoM)			1.4%
20:30	USD Fed's William Dudley speech
21:45	NZD Building Permits s.a. (MoM)			-9.6%
23:50	JPY Bank lending (YoY)			2.7%
23:50	JPY Foreign investment in Japan stocks			¥76.2B
23:50	JPY Foreign bond investment			¥434.2B
23:50	JPY Current Account n.s.a.		¥1,836.1B	¥2,176.4B
23:50	JPY Trade Balance - BOP Basis			¥430.2B
Friday, Jan 12
02:00	CNY Imports (YoY)			17.7%
02:00	CNY Trade Balance CNY			263.6B
02:00	CNY Exports (YoY) CNY			10.3%
02:00	CNY Imports (YoY) CNY			15.6%
n/a	CNY Trade Balance USD			$40.21B
02:00	CNY Exports (YoY)			12.3%
02:00	CNY Fixed Asset Investment (YTD) (YoY)			7.2%
02:00	CNY FDI - Foreign Direct Investment (YTD) (YoY)			9.8%
05:00	JPY Eco Watchers Survey: Current			55.1
05:00	JPY Eco Watchers Survey: Outlook			53.8
07:00	RON Industrial Production (MoM)			1%
07:00	RON Gross Domestic Product			8.8%
07:00	RON Consumer Price Index			3.2%
07:45	EUR Inflation ex-tobacco (MoM)			0.1%
07:45	EUR Consumer Price Index (EU norm) (MoM)			0.1%
07:45	EUR Consumer Price Index (EU norm) (YoY)			1.3%
08:00	EUR Consumer Price Index (MoM)			0.5%
08:00	EUR HICP (YoY)			1.3%
08:00	EUR HICP (MoM)			0.3%
08:00	EUR Consumer Price Index (YoY)			1.7%
09:00	EUR Industrial Output w.d.a (YoY)			3.1%
09:00	EUR Industrial Output s.a. (MoM)		0.5%	0.5%
n/a	EUR Consumer Price Index - Harmonized (YoY)			1.1%
10:00	EUR Consumer Price Index (YoY)			1.1%
11:30	INR Cumulative Industrial Output			2.5%
11:30	INR FX Reserves, USD			$409.37B
13:00	PLN Net Inflation			0.9%
13:30	USD Retail Sales ex Autos (MoM)		0.4%	1.0%
13:30	USD Retail Sales control group		0.4%	0.8%
13:30	USD Retail Sales (MoM)		0.4%	0.8%
13:30	USD Consumer Price Index Ex Food & Energy (MoM)		0.2%	0.1%
13:30	USD Consumer Price Index Ex Food & Energy (YoY)		1.7%	1.7%
13:30	USD Consumer Price Index (YoY)		2.1%	2.2%
13:30	USD Consumer Price Index n.s.a (MoM)		246.381	246.669
13:30	USD Consumer Price Index (MoM)		0.2%	0.4%
13:30	USD Consumer Price Index Core s.a			253.72
15:00	USD Business Inventories		0.3%	-0.1%
n/a	USD IBD/TIPP Economic Optimism (MoM)		52.3	51.9
16:30	EUR German Buba President Weidmann speech
18:00	USD Baker Hughes US Oil Rig Count			742
19:00	USD Monthly Budget Statement			$-139B
19:30	USD CFTC Oil NC net positions		646.8K	624.2K
19:30	USD CFTC Gold NC net positions		$208.9K	$163.3K
19:30	USD CFTC USD NC net positions		$147.7K	$172.6K
19:30	GBP CFTC GBP NC net positions		£12.4K	£16.2K
19:30	JPY CFTC JPY NC net positions		¥-126.9K	¥-121.8K
19:30	EUR CFTC EUR NC net positions		€176.0K	€127.9K
19:30	AUD CFTC AUD NC net positions		$-18.3K	$-20.0K

Author

FXStreet Team

FXStreet

EUR/USD: Bears retain control below 1.1780-1.1770 confluence breakpoint

The EUR/USD pair remains on the back foot through the Asian session on Friday and currently trades just above mid-1.1700s, well within striking distance of a nearly one-month low set the previous day.

GBP/USD seems vulnerable near one-month low vs. USD as traders await US data

The GBP/USD pair prolongs its weekly downtrend for the fifth consecutive day on Friday and slides back closer to a nearly one-month low, touched the previous day. Spot prices trade below mid-1.3400s during the Asian session on Friday and seem vulnerable to slide further as traders now look to important US macro data for a fresh impetus.

Gold eyes next breakout on US GDP, PCE inflation data

Gold sticks to recent gains around the $5,000-mark early Friday, biding time before the high-impact US macro events. The focus is now on the US fourth-quarter Gross Domestic Product, core Personal Consumption Expenditures Price Index and the Supreme Court’s ruling on President Donald Trump’s tariffs.

Bitcoin, Ethereum and Ripple remain range-bound as breakdown risks rise

Bitcoin, Ethereum, and Ripple are trading sideways within consolidation ranges on Friday, signaling a lack of directional bias in the broader crypto market. BTC rebounded from key support, and ETH is nearing the lower consolidation boundary, while XRP is holding at its lower trendline boundary.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.