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


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
Vol.
Actual
Consensus
Previous
Tuesday, Jan 09
13:55
0.1%
 
0.3%
15:00
 
 
15:00
5.879M
6.038M
5.996M
16:30
1.28%
 
1.27%
18:00
2.080%
 
1.932%
21:30
-11.190M
 
-4.992M
Wednesday, Jan 10
01:30
4.9%
4.8%
5.8%
01:30
0.3%
0.4%
0.0%
01:30
1.8%
1.9%
1.7%
03:00
6.2%
 
6.0%
06:00
 
 
1.1%
06:00
 
 
-0.3%
06:00
 
 
1%
06:00
 
 
0.1%
06:00
 
 
9.7%
07:45
 
-0.5%
1.9%
08:00
 
 
1.3%
08:00
 
 
1.3%
08:00
 
 
5%
09:30
 
 
95.1
09:30
 
0.3%
0.0%
09:30
 
0.3%
0.1%
09:30
 
1.8%
3.6%
09:30
 
2.8%
3.9%
09:30
 
£-2.600B
£-2.382B
09:30
 
£-10.700B
£-10.781B
09:30
 
 
£-1.405B
n/a
 
 
0.3%
12:00
 
 
0.7%
13:00
 
0.5%
0.5%
13:30
 
0.3%
0.5%
13:30
 
2.3%
3.1%
13:30
 
3.0%
3.1%
13:30
 
0.5%
0.7%
13:30
 
-0.3%
3.5%
14:00
 
 
15:00
 
0.7%
0.7%
15:00
 
 
$13.83B
15:30
 
-3.890M
-7.419M
n/a
 
 
2.384%
18:30
 
 
23:00
 
 
3.7%
23:50
 
 
$1,261.2B
Thursday, Jan 11
00:30
 
0.4%
0.5%
02:00
 
9.1%
9.1%
02:00
 
1,000B
1,120B
05:00
 
 
106.5
05:00
 
 
116.4
07:00
 
 
$-3.827B
07:00
 
 
2.5%
07:00
 
 
2.6%
08:00
 
 
4.1%
08:00
 
 
6.3%
09:00
 
 
-1%
09:00
 
 
-2.1%
09:30
 
 
10:00
 
 
20.5%
10:00
 
3.2%
3.7%
10:00
 
0.8%
0.2%
11:00
 
 
0.28%
11:00
 
 
2.2%
11:00
 
 
-0.3%
11:00
 
 
1.5%
12:30
 
 
13:30
 
3.1%
3.1%
13:30
 
0.2%
0.3%
13:30
 
0.2%
0.4%
13:30
 
2.5%
2.4%
13:30
 
1.923M
1.914M
13:30
 
245K
250K
13:30
 
 
3.5%
13:30
 
0.2%
0.1%
14:00
 
 
88.8
14:00
 
 
89.3
15:30
 
 
-206B
18:00
 
 
2.804%
n/a
 
 
1.4%
20:30
 
 
21:45
 
 
-9.6%
23:50
 
 
2.7%
23:50
 
 
¥76.2B
23:50
 
 
¥434.2B
23:50
 
¥1,836.1B
¥2,176.4B
23:50
 
 
¥430.2B
Friday, Jan 12
02:00
 
 
17.7%
02:00
 
 
263.6B
02:00
 
 
10.3%
02:00
 
 
15.6%
n/a
 
 
$40.21B
02:00
 
 
12.3%
02:00
 
 
7.2%
02:00
 
 
9.8%
05:00
 
 
55.1
05:00
 
 
53.8
07:00
 
 
1%
07:00
 
 
8.8%
07:00
 
 
3.2%
07:45
 
 
0.1%
07:45
 
 
0.1%
07:45
 
 
1.3%
08:00
 
 
0.5%
08:00
 
 
1.3%
08:00
 
 
0.3%
08:00
 
 
1.7%
09:00
 
 
3.1%
09:00
 
0.5%
0.5%
n/a
 
 
1.1%
10:00
 
 
1.1%
11:30
 
 
2.5%
11:30
 
 
$409.37B
13:00
 
 
0.9%
13:30
 
0.4%
1.0%
13:30
 
0.4%
0.8%
13:30
 
0.4%
0.8%
13:30
 
0.2%
0.1%
13:30
 
1.7%
1.7%
13:30
 
2.1%
2.2%
13:30
 
246.381
246.669
13:30
 
0.2%
0.4%
13:30
 
 
253.72
15:00
 
0.3%
-0.1%
n/a
 
52.3
51.9
16:30
 
 
18:00
 
 
742
19:00
 
 
$-139B
19:30
 
646.8K
624.2K
19:30
 
$208.9K
$163.3K
19:30
 
$147.7K
$172.6K
19:30
 
£12.4K
£16.2K
19:30
 
¥-126.9K
¥-121.8K
19:30
 
€176.0K
€127.9K
19:30
 
$-18.3K
$-20.0K

 

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Editors’ Picks

Euro rolling into the Asian session below the 1.1051 level

The Euro remains under selling pressure below the main SMAs on the four-hour chart. The market is weak and a break below 1.1028 support level could open the doors to further losses.

EUR/USD News

Cable remains bearish below 1.2900 handle

GBP/USD is correcting below the 1.2882/1.2900 resistance zone and the 50/100 SMAs. Buyers would need to overcome this area on a daily basis in order to reclaim the 1.2950 resistance.

GBP/USD News

USD/JPY trims losses, rises back above 109.00

The USD/JPY pair trimmed losses over the last hours amid a recovery of the US dollar and despite the decline in equity prices in Wall Street.

USD/JPY News

Gold rebounds from multi-month lows, trades around $1,455

After posting its largest weekly percentage drop of the year and erasing more than $50, the troy ounce of the precious metal remained under pressure on Monday with the XAU/USD pair slumping to its lowest level since early August at $1,452.

Gold News

5 Biggest Risks for FX this Week

Monday was a slow start to a busy week for the currency market. The US bond market was closed for Veteran's Day but the stock market was open allowing stocks to consolidate gains. 

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