Forex Today: USD firmer in Asia, US GDP, Fedspeaks in focus

A quiet Asian-affair this Thursday, with no relevant economic data released, as dust settled over the Brexit aftermath. The Aussie paused its rally as the greenback regained momentum across the board, as the Asian traders cheered upbeat US pending home sales data and a flurry of hawkish Fedspeaks. Meanwhile, cable remained flat-lined above the daily pivot, consolidating after yesterday’s volatile session.

Stepping into Europe, the immediate focus remains on the German CPI report, which will be published ahead of the US open, while the US final GDP and jobless claims data will take center-stage in the NA session alongside the Canadian RMPI data and FOMC member Kaplan’s speech.

Main topics in Asia

US President Trump to unveil USD 1 trl infrastructure plan - Livesquawk

According to U.S. Transportation Secretary Elaine Chao, U.S. President Donald Trump will unveil a USD 1 trillion infrastructure plan this year.

PBOC skips OMOs, says liquidity is at a relatively high level

As per LiveSquawk report, the People’s Bank of China (PBOC) has skipped the Open Market Operations (OMO) for the fifth straight day as the central bank feels the liquidity is at a relatively high level. 

Sources: GOP to weigh second vote on Obamacare repeal next week - Livesquawk

Livesquawk quotes source familiar with the matter, noting that the US Republican Party, commonly referred to as the GOP, is expected to weigh second vote on Obamacare repeal next week.

US preparing to review China’s market economy status - WSJ

According to official documents on the Commerce Department website, the USofficials are preparing a review of China’s “market-economy status” under the World Trade Organization (WTO), the Wall Street Journal (WSJ) reported earlier on the day.

Key focus for the day ahead

Eurozone: Focus on inflation figures – Danske Bank

Research Team at Danske Bank points out that in the euro area, the first inflation figures for March will be released today with the Spanish and German HICP inflation figures. 

Germany: March CPI will be closely watched - TDS

According to the analysts at TDS, Germany’s March CPI will be closely watched after February’s number came in at a strong 2.2% y/y, primarily due to energy price base effects.

GBP/USD extends side-trend around 1.2440, US GDP eyed

The GBP/USD pair remains better bid in early Europe, extending its overnight side-trend above daily pivot, as investors remain in a wait-and-see mode after the historic Article 50 got triggered yesterday.

EURUSD: Prefer to sell rallies

The Euro came under pressure today , catching up with an earlier fall in Sterling ahead of the signing of Article 50,  but with the Euro also not helped by a firm dollar, underpinned by some more strong US data that suggests we should expect further rate hikes in the not too distant future.