Forex Today: USD recovery stalls in Asia, EZ CPI, UK GDP – Up Next

An eventful Asian session today, with a flurry of macro news from Japan reported that capped the minor-recovery in yen. Also, upbeat Chinese services and manufacturing PMI reports failed to lift the sentiment around the Antipodeans. Meanwhile, the USD entered a phase of consolidation against its main rivals, as investors digest the latest comments from Trump on currency manipulation.

Moving on, we have a busy economic calendar ahead, with the German retail sales and jobs data due on the cards ahead of the UK current account and final GDP figures. From the Euroland, the flash CPI report will be published. Later in the NA session, the Canadian GDP will hog the limelight apart from the US core PCE price index, personal spending, consumer sentiment and Chicago PMI data. Also, FOMC official Dudley and Kahskari’s speeches will remain in focus.

Main topics in Asia

Japanese jobless rate hit the lowest since 1994 in February

The Japanese Ministry of Internal Affairs and Communications released this Friday morning showed the unemployment rate dropped to 2.8% in February; the lowest level since 1994.

Japanese core inflation hit 2-year high in February

The Japanese core consumer price index, which excludes the cost of fresh food, rose 0.2% year-on-year in February, the fastest annual pace in nearly two years. 

China manufacturing PMI hits 5-year high, but fails to lift AUD/USD

China manufacturing PMI rose to the highest level since April 2012, but had little material impact on the AUD/USD pair, which was last seen trading around 0.7640 levels.

Former NIA Mike Flynn’s Art of the Deal – Offers to testify in exchange for immunity

Reports are doing the rounds that Mike Flynn, President Donald Trump’s former national security adviser may have offered to testify before FBI and congressional committees about potential links between the Trump campaign and Russia in exchange for immunity.

Key focus for the day ahead

EUR/USD: Vulnerable below 1.0670, eyes on EZ CPI

The EUR/USD pair traded flat-lined almost through-out the Asian session, and now extends its side-trend near 11-day troughs into early Europe, as markets await fresh impetus from the upcoming macro data from both continents due later today.

Eurozone inflation and UK GDP in focus today – TDS

Analysts at TDS suggest that Euro area flash HICP and third and final reading of UK’s 2016Q4 GDP will be the main economic releases for today’s session.

RTRS Poll: RBA to stay on hold next week

According to the latest Reuters poll on the next RBA policy move, economists polled remain divided between a rate or cut likely on the card by early 2018.

US President Trump to sign two executive orders on Friday

Reuters out with the latest headlines on the US President, citing that Trump is expected to sign to executive orders later today to strengthen collections of anti-dumping, anti-subsidy duties on imports.