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Forex Today

Forex_Today_USD_slumps_FXPIG

Forex today was taken by surprise on a sudden USD selling wave seen in Asia, as the US futures tumbled on reports of the proposal of a temporary cut in the corporate tax rates from 35% to 20% that would phase out after a decade. Most majors benefited the most from the USD sell-off, but the Kiwi emerged the biggest gainer. The Asian equity markets suffered losses initially but managed to regain ground, while oil prices traded modestly flat. Gold witnessed a short-lived rally above $ 1280 mark.

Main topics in Asia

Australia's trade surplus improves in September, building approvals rise

Australia's trade balance for September came in at AUD 1,745 million vs AUD 1200 million exp.

North Korea is developing an advanced intercontinental missile - CNN

CNN is reporting this Thursday morning that North Korea is already working on an advanced version of its existing K-20 intercontinental ballistic missile that could potentially reach the US.

Dollar Index drops, yield curve flattening gathers pace

Dollar Index (DXY) is losing altitude in Asian trade, tracking the flattening of the treasury yield curve and moderate risk aversion in the equity markets.

US futures drop on temporary corporate tax cuts news

The US equity futures witnessed fresh selling in the Asian trades, fuelled by risk-off sentiment, as markets assessed the overnight comments from the US house tax committee Chairman Brady…

Saudi EnergyMin: Saudis see OPEC renewing resolve to normalize oil stockpile

Reuters reports the latest comments from the Saudi Arabian Energy Minister Al-Falih, with the key headlines found below.

Key Focus ahead

Today’s economic calendar remains eventful, with full markets returning and poised for the final manufacturing PMI reports due out from the Euro area economies. The UK traders eagerly await the construction PMI data, after yesterday’s positive surprise delivered by the manufacturing sector activity report.

However, the main risk event for today remains the BOE interest rate decision and Quarterly Inflation Report (QIR) release, which will set the tone for the GBP markets in the coming months.  A rate hike is already priced-in by the market participants, and hence, all eyes remain on the forward guidance for fresh trading impetus.

From the US docket, we have the weekly jobless claims and a slew of speeches by the FOMC members, including the Fed Chair nominee Powell and Dudley. The focus also remains on the Trump’s announcement of the next Fed Chair as well as on the tax reform bill, which will be unveiled later in the American morning.

GBP/USD: Sell the pullbacks ahead of BOE?

The GBP/USD pair extended its rebound from below the mid-point of 1.32 handle and went on to test the 1.33 handle in Asia, although further upside appears to lack follow-through, as investors remain wary ahead of the key risk events for today – the BOE rate decision.

Will EUR/USD cut through H&S neckline hurdle?

The EUR/USD pair was well bid in Asia on the back of broad based USD selling, but still failed to cut through the head and shoulders neckline hurdle of 1.1671.

GBP to rally on BOE as short-term rates reprice – Barclays

Barclay’s analysts offer their thoughts on the BOE monetary policy outcome and its impact on the pound, noting that markets is already focused on the next move.

Trump to announce Fed Chair nominee at 1900 GMT Thursday – White House

Livesquawk reports the latest statement released by the White House, citing that the US President Trump is expected to announce the next Fed Chair at 1500 ET (1900 GMT) later on Thursday.

House of Republicans to unveil tax reform bill at 1515 GMT

The latest headlines crossing the wires from the US, via Reuters, cite that the House of Republicans is expected to unveil the tax reform bill at 11:15 am local time (1515 GMT).

Source: fxstreet.com

Forex today was taken by surprise on a sudden USD selling wave seen in Asia, as the US futures tumbled on reports of the proposal of a temporary cut in the corporate tax rates from 35% to 20% that would phase out after a decade. Most majors benefited the most from the USD sell-off, but the Kiwi emerged the biggest gainer. The Asian equity markets suffered losses initially but managed to regain ground, while oil prices traded modestly flat. Gold witnessed a short-lived rally above $ 1280 mark.

Main topics in Asia

Australia's trade surplus improves in September, building approvals rise

Australia's trade balance for September came in at AUD 1,745 million vs AUD 1200 million exp.

North Korea is developing an advanced intercontinental missile - CNN

CNN is reporting this Thursday morning that North Korea is already working on an advanced version of its existing K-20 intercontinental ballistic missile that could potentially reach the US.

Dollar Index drops, yield curve flattening gathers pace

Dollar Index (DXY) is losing altitude in Asian trade, tracking the flattening of the treasury yield curve and moderate risk aversion in the equity markets.

US futures drop on temporary corporate tax cuts news

The US equity futures witnessed fresh selling in the Asian trades, fuelled by risk-off sentiment, as markets assessed the overnight comments from the US house tax committee Chairman Brady…

Saudi EnergyMin: Saudis see OPEC renewing resolve to normalize oil stockpile

Reuters reports the latest comments from the Saudi Arabian Energy Minister Al-Falih, with the key headlines found below.

Key Focus ahead

Today’s economic calendar remains eventful, with full markets returning and poised for the final manufacturing PMI reports due out from the Euro area economies. The UK traders eagerly await the construction PMI data, after yesterday’s positive surprise delivered by the manufacturing sector activity report.

However, the main risk event for today remains the BOE interest rate decision and Quarterly Inflation Report (QIR) release, which will set the tone for the GBP markets in the coming months.  A rate hike is already priced-in by the market participants, and hence, all eyes remain on the forward guidance for fresh trading impetus.

From the US docket, we have the weekly jobless claims and a slew of speeches by the FOMC members, including the Fed Chair nominee Powell and Dudley. The focus also remains on the Trump’s announcement of the next Fed Chair as well as on the tax reform bill, which will be unveiled later in the American morning.

GBP/USD: Sell the pullbacks ahead of BOE?

The GBP/USD pair extended its rebound from below the mid-point of 1.32 handle and went on to test the 1.33 handle in Asia, although further upside appears to lack follow-through, as investors remain wary ahead of the key risk events for today – the BOE rate decision.

Will EUR/USD cut through H&S neckline hurdle?

The EUR/USD pair was well bid in Asia on the back of broad based USD selling, but still failed to cut through the head and shoulders neckline hurdle of 1.1671.

GBP to rally on BOE as short-term rates reprice – Barclays

Barclay’s analysts offer their thoughts on the BOE monetary policy outcome and its impact on the pound, noting that markets is already focused on the next move.

Trump to announce Fed Chair nominee at 1900 GMT Thursday – White House

Livesquawk reports the latest statement released by the White House, citing that the US President Trump is expected to announce the next Fed Chair at 1500 ET (1900 GMT) later on Thursday.

House of Republicans to unveil tax reform bill at 1515 GMT

The latest headlines crossing the wires from the US, via Reuters, cite that the House of Republicans is expected to unveil the tax reform bill at 11:15 am local time (1515 GMT).

Source: fxstreet.com

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