Forex Today: Yen regains bids in Asia, US data, Fedspeaks eyed

Dhwani Mehta FXStreet

The Yen regained lost footing in Asia, despite a recovery in risk-appetite, as the Asian indices staged a rebound after yesterday’s slide. Meanwhile, the US dollar stalled its overnight recovery mode across the board, after slightly dovish remarks from Dallas Fed president, which capped the upside in USD/JPY near 110.80, sending the rate back towards 110.5. Kiwi was the weakest in Asia, while the Aussie remained confined in a narrow range, with the RBA assistant governor Debelle offering nothing on the economy nor monetary policy.

Attention now turns towards the NA calendar, as the EUR docket remains absolutely data-empty today. The NA session offers the US goods trade balance, followed by the CB consumer sentiment and Richmond Manufacturing Index. Besides, a bevy of Fed speakers are scheduled make their respective speeches alongside BOC Governor Poloz’s speech will also remain in focus.

Main topics in Asia

Trump wants to package tax reform and infrastructure deal

LiveSquawk report citing axios.com stating the “Trump administration is looking at driving tax reform and infrastructure concurrently.”

Fed’s Kaplan: Fed would be wise to move gradually and patiently

More comments hit the wires from Dallas Fed president Kaplan last hour, during his speech at a panel discussion titled "A Discussion of Economic Conditions and the Role of Monetary Policy," at Texas A&M University.

PBOC: Will provide financial support to help manufacturing upgrade

The Chinese central bank (PBOC) came out with the headlines last minutes, making a strong case to provide support to the manufacturing sector.

Qatar pledges over $6 billion in investment in Britain- Reuters

Qatar pledged GBP 5 billion or USD 6.3 billion of investment in Britain on Monday. The head of the $335 billion Qatar Investment Authority (QIA) sovereign wealth fund, said he saw opportunities in Britain even after Brexit.

Key focus for the week ahead

GBP/USD challenges key upside hurdle near 1.2570

Heading into Europe, the GBP/USD pair is seen consolidating the Asian recovery, after the bulls ran into the 200-DMA resistance located at 1.2572.

US data coming up - Nomura

We expect goods trade balance of -$65.1bn, slight narrowing of the deficit from January (Consensus: -$66.4bn).

Market overview: US tax cuts on the cards? - ANZ

"Markets reacted as you would have expected them to in the aftermath of last week’s decision by Donald Trump to pull proposed reforms and repeal of Obamacare.”

GMT	Event	Actual	Consensus	Previous
Monday, Mar 27
17:00	USD 2-Year Note Auction	1.261%		1.230%
17:15	USD Fed's Evans Speech
17:15	EUR ECB's Praet Speech
22:00	AUD RBA Assist Gov Debelle Speech
22:30	USD FOMC Member Kaplan Speech
23:00	KRW Gross Domestic Product Growth (YoY)
23:00	KRW Gross Domestic Product Growth (YoY)			2.3%
23:00	KRW Gross Domestic Product Growth (QoQ)			0.4%
Tuesday, Mar 28
24h	IDR Hari Raya Nyepi
05:00	TRY Foreign Arrivals			-11.1%
08:30	SEK Retail Sales (YoY)			1.0% Revised from 2.2%
08:30	SEK Producer Price Index (MoM)			0.6%
08:30	SEK Retail Sales (MoM)			-2.6% Revised from 1.3%
08:30	SEK Producer Price Index (YoY)			8.2%
08:30	SEK Trade Balance (MoM)			-0.8B Revised from 1.5B
09:00	EUR Industrial Sales s.a. (MoM)			2.6%
09:00	EUR Industrial Sales n.s.a. (YoY)			9.4%
09:00	EUR Industrial Orders n.s.a (YoY)			-0.9%
09:00	EUR Industrial Orders s.a (MoM)			2.8%
10:00	ISK Consumer Price Index (YoY)			1.9%
10:00	ISK Consumer Price Index (MoM)			0.7%
12:00	HUF MNB Interest Rate Decision			0.9%
12:30	USD Wholesale Inventories			-0.2%
12:30	USD Goods Trade Balance			$-69.2B
12:30	EUR Current Account Balance EUR			€-426B
12:55	USD Redbook index (MoM)			-0.6%
12:55	USD Redbook index (YoY)			1.2%
13:00	USD S&P/Case-Shiller Home Price Indices (YoY)		5.7%	5.6%
13:00	MXN Jobless Rate s.a			3.6%
13:00	MXN Jobless Rate			3.6%
13:00	ZAR SARB Interest Rate Decision			7%
14:00	USD Consumer Confidence		113.8	114.8
14:00	USD Richmond Fed Manufacturing Index			17
14:10	CAD BoC Governor Poloz Speech
15:30	USD 52-Week Bill auction			0.85%
15:30	USD 4-Week Bill Auction			0.745%
16:45	USD Fed's George Speech
16:50	USD Fed's Yellen Speech
17:00	USD FOMC Member Kaplan Speech
17:00	USD 5-Year Note Auction			1.937%
19:00	ARS Trade Balance (MoM)			$-106M
20:30	USD FOMC Member Powell Speech
20:30	USD API Weekly Crude Oil Stock			4.5M
21:00	KRW BOK Manufacturing BSI			79
23:50	JPY Large Retailer's Sales			-1.1%
23:50	JPY Retail Trade s.a (MoM)			0.5%
23:50	JPY Retail Trade (YoY)		0.5%	1.0%
Wednesday, Mar 29
06:00	EUR Import Price Index (MoM)		0.5%	0.9%
06:00	EUR Import Price Index (YoY)		7%	6%
06:00	CHF UBS Consumption Indicator			1.43
06:45	EUR Consumer Confidence		100	100
07:00	HUF Unemployment Rate (3M)			4.3%
08:00	SEK Consumer Confidence (MoM)			104.5
08:30	GBP Net Lending to Individuals (MoM)			£4.8B
08:30	GBP Consumer Credit		£1.300B	£1.416B
08:30	GBP Mortgage Approvals		69.250K	69.928K
08:30	GBP M4 Money Supply (MoM)			0.9%
08:30	GBP M4 Money Supply (YoY)			7%
09:00	EUR Wage Inflation (MoM)			0.1%
09:00	EUR Wage Inflation (YoY)			0.4%
09:00	EUR Business Confidence		106.0	106.3
10:00	EUR Consumer Confidence			106.6
n/a	GBP UK government triggers Article 50 for Brexit
11:00	USD MBA Mortgage Applications			-2.7%
11:30	INR M3 Money Supply			6.5%
13:20	USD Fed's Evans Speech
14:00	USD Pending Home Sales (YoY)			0.4%
14:00	USD Pending Home Sales (MoM)		2.1%	-2.8%
14:30	USD EIA Crude Oil Stocks change			4.954M
15:30	USD Federal Reserve Bank of Boston President Rosengren Speech
17:15	USD FOMC Member Williams speech
18:00	USD 7-Year Note Auction			2.197%
23:50	JPY Foreign investment in Japan stocks			¥-580.4B
23:50	JPY Foreign bond investment			¥149.4B
Thursday, Mar 30
01:00	AUD HIA New Home Sales (MoM)			-2.2%
05:00	ZAR Trade Balance (in Rands)			12.04B
06:00	ZAR M3 Money Supply (YoY)			7.91%
07:00	TRY Economic confidence index			85.7
07:00	EUR HICP (YoY)		2.7%	3.0%
07:00	EUR Producer Price Index (YoY)			2%
07:00	EUR Producer Price Index (MoM)			0.5%
07:00	CHF KOF Leading Indicator		106.0	107.2
08:00	DKK Industrial Outlook			-2
08:00	NOK Retail Sales			1.4%
08:30	HKD Retail Sales			-0.9%
n/a	EUR 10-y Bond Auction			2.28%
n/a	EUR 5-y Bond Auction			1.11%
09:00	EUR Consumer Confidence			-5
09:00	EUR Services Sentiment		13.8	13.8
09:00	EUR Business Climate		0.84	0.82
09:00	EUR Economic Sentiment Indicator		108.2	108.0
09:00	EUR Industrial Confidence		1.4	1.3
09:30	ZAR Producer Price Index (YoY)			5.9%
09:30	ZAR Producer Price Index (MoM)			0.4%
09:30	EUR Business Confidence			1.3
09:30	EUR Consumer Confidence			-4.4
10:00	EUR Consumer Price Index (YoY)			2.97%
10:00	EUR Consumer Price Index (MoM)			0.37%
12:00	EUR Consumer Price Index (YoY)		2.0%	2.2%
12:00	EUR Consumer Price Index (MoM)		0.5%	0.6%
12:00	EUR Harmonised Index of Consumer Prices (YoY)		2.0%	2.2%
12:00	EUR Harmonised Index of Consumer Prices (MoM)		0.5%	0.7%
12:00	BRL Inflation Index/IGP-M			0.08%
12:00	BRL Retail Sales (MoM)			-2%
12:30	USD Continuing Jobless Claims			2M
12:30	USD Initial Jobless Claims		248K	258K
12:30	USD Gross Domestic Product Annualized			1.9%
12:30	USD Gross Domestic Product Price Index		2%	2%
12:30	USD Core Personal Consumption Expenditures (QoQ)		1.2%	1.2%
12:30	USD Personal Consumption Expenditures Prices (QoQ)		2.1%	1.9%
12:30	CAD Industrial Product Price (MoM)			0.4%
12:30	CAD Raw Material Price Index			1.7%
13:00	PLN Consumer Price Index (YoY)			2.2%
13:00	PLN Consumer Price Index (MoM)			0.3%
14:30	USD EIA Natural Gas Storage change			-150B
15:00	USD FOMC Member Kaplan Speech
15:15	USD FOMC Member Williams speech
19:00	MXN Central Bank Interest Rate			6.25%
19:00	ARS Industrial Output n.s.a (YoY)			-2.3%
20:00	MXN Fiscal Balance, pesos			-29.62B
21:45	NZD Building Permits s.a. (MoM)			0.8%
23:00	KRW Industrial Output (YoY)			1.7%
23:00	KRW Industrial Output Growth			3.3%
23:00	KRW Service Sector Output			0.5%
23:01	GBP Gfk Consumer Confidence			-6
23:30	JPY Tokyo CPI ex Fresh Food (YoY)		-0.2%	-0.3%
23:30	JPY Tokyo Consumer Price Index (YoY)			-0.3%
23:30	JPY Tokyo CPI ex Food, Energy (YoY)			0%
23:30	JPY National Consumer Price Index (YoY)			0.4%
23:30	JPY National CPI Ex-Fresh Food (YoY)		0.2%	0.1%
23:30	JPY National CPI Ex Food, Energy (YoY)			0.2%
23:30	JPY Jobs/applicants ratio		1.43	1.43
23:30	JPY Unemployment Rate		3%	3%
23:30	JPY Overall Household Spending (YoY)		-1.7%	-1.2%
23:50	JPY Industrial Production (MoM)		1.2%	-0.4%
23:50	JPY Industrial Production (YoY)			3.7%
Friday, Mar 31
00:00	NZD ANZ Activity Outlook			37.2%
00:00	NZD ANZ Business Confidence			16.6
00:30	AUD Private Sector Credit (MoM)			0.2%
00:30	AUD Private Sector Credit (YoY)			5.4%
01:00	CNY Non-manufacturing PMI			54.2
01:00	CNY NBS Manufacturing PMI			51.6
05:00	DKK Unemployment Rate			3.3%
05:00	JPY Annualized Housing Starts			1.001M
05:00	JPY Housing Starts (YoY)		-1.1%	12.8%
05:00	JPY Construction Orders (YoY)			1.1%
06:00	EUR Retail Sales (YoY)		0.3%	2.3%
06:00	EUR Retail Sales (MoM)		0.7%	-0.8%
06:00	GBP Nationwide Housing Prices s.a (MoM)			0.6%
06:00	GBP Nationwide Housing Prices n.s.a (YoY)			4.5%
06:00	NOK Credit Indicator			5.1%
06:45	EUR Producer Prices (MoM)			0.7%
06:45	EUR Consumer Spending (MoM)		0.1%	0.6%
06:45	EUR Consumer Price Index (EU norm) (YoY)		1.4%	1.4%
07:00	TRY Trade Balance			-4.31B
07:00	DKK Gross Domestic Product - Revised (YoY)			0.3%
07:00	EUR Retail Sales (YoY)			0.1%
07:00	HUF Producer Price Index (YoY)			2.2%
07:00	CZK Gross Domestic Product (YoY)			1.9%
08:00	EUR Unemployment Change		-10K	-14K
08:00	EUR Unemployment Rate s.a.		5.9%	5.9%
08:00	EUR Current Account Balance			€3.4B
08:00	NOK Registered Unemployment s.a			98.94K
08:00	NOK Registered Unemployment n.s.a			3.1%
08:30	GBP Gross Domestic Product (YoY)		2%	2%
08:30	GBP Gross Domestic Product (QoQ)		0.7%	0.7%
08:30	GBP Total Business Investment (QoQ)			-1%
08:30	GBP Total Business Investment (YoY)			-0.9%
08:30	GBP Index of Services (3M/3M)			0.8%
08:30	GBP Current Account		£-17.00B	£-25.49B
09:00	EUR Consumer Price Index (YoY)		1.6%	1.6%
09:00	EUR Consumer Price Index (MoM)			0.4%
09:00	EUR Consumer Price Index (EU Norm) (MoM)		2.1%	0.2%
09:00	EUR Consumer Price Index (EU Norm) (YoY)		1.5%	1.6%
09:00	EUR Consumer Price Index (YoY)		1.8%	2.0%
09:00	EUR Consumer Price Index - Core (YoY)		0.9%	0.9%
10:30	INR Federal Fiscal Deficit, INR			5,641.92B
11:00	EUR Producer Price Index (MoM)			1%
11:00	EUR Producer Price Index (YoY)			2.5%
11:30	INR Bank Loan Growth			4.1%
11:30	INR Infrastructure Output (YoY)			3.4%
11:30	INR FX Reserves, USD			$366.78B
12:30	USD Personal Consumption Expenditures - Price Index (MoM)			0.4%
12:30	USD Personal Income (MoM)		0.4%	0.4%
12:30	USD Core Personal Consumption Expenditure - Price Index (MoM)			0.3%
12:30	USD Personal Consumption Expenditures - Price Index (YoY)			1.9%
12:30	USD Personal Spending		0.2%	0.2%
12:30	USD Core Personal Consumption Expenditure - Price Index (YoY)			1.7%
12:30	CAD Gross Domestic Product (MoM)		0.3%	0.3%
13:45	USD Chicago Purchasing Managers' Index		56.5	57.4
14:00	USD Michigan Consumer Sentiment Index		97.6	97.6
14:30	BRL Nominal Budget Balance			0.299B
14:30	BRL Primary Budget Surplus			36.7B
15:00	COP National Jobless Rate			11.7%
18:00	USD Baker Hughes US Oil Rig Count			652
19:00	ARS Primary Budget Balance (MoM)
20:00	BRL Unemployment Rate			12.6%
20:30	USD CFTC Gold NC net positions			$116.3K
20:30	USD CFTC USD NC net positions			$89.1K
20:30	USD CFTC Oil NC net positions			418.5K
20:30	GBP CFTC GBP NC net positions			£-107.844K
20:30	JPY CFTC JPY NC net positions			¥-66.987K
20:30	EUR CFTC EUR NC net positions			€-19.662K
20:30	AUD CFTC AUD NC net positions			$44.955K

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 looks weak below 1.1800

EUR/USD has slipped back under pressure, breaking through the 1.1800 support and drifting towards the weekly lows near 1.1770 ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with steady geopolitical tensions keeping its demand firm. Moving forward, the release of the German labour market report and flash inflation figures should keep European investors entertained on Friday.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold trims gains, slips back to around $5,170

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The yellow metal surrenders part of its earlier gains on the back of the resurgence of the buying interest in the Greenback. In the meantime, geopolitical tensions in the Middle East continue to limit the downside potential for now.