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Market News

Forex Today: Asia cheers NFP, Focus shifts to Sentix, Fedspeaks


Forex today breathed a sigh of relief in Asia, after Friday’s selling spiral witnessed in the wake of the massive broad based US dollar rally, spurred by far better-than expected US employment data. The US dollar index corrected lower and reversed almost a quarter of Friday’s rebound, as Treasury yields stalled its upsurge. The Kiwi was the weakest across the fx board, after the RBNZ inflation expectations came in a tad weaker.

Meanwhile, the Asian stocks tracked their Wall Street counterparts higher on renewed optimism around the US economy, fuelled by the latest US jobs report, while markets ignored reports of the UN sanctions on North Korea over the missile threat.

Main topics in Asia

Bitcoin rallies to record high, market cap rises above 50 billion

Over the weekend, Bitcoin prices rallied to a record high, squashing the post-split worries and re-establishing BTC’s dominance in the crypto currencies space. 

RBNZ: New Zealand’s 2-year inflation expectations decreased to 2.09%

The Reserve Bank of New Zealand (RBNZ) is out with its quarterly survey of inflation expectations, showing that one-year-ahead inflation expectations have decreased to 1.77% from 1.92%. 

New Zealand Treasury Monthly Economic Indicators

New Zealand’s Treasury published its monthly economic indicators report for the month of July, highlighting the following:

S. Korea’s Moon and US Pres Trump agree to lay maximum pressure & sanctions on N. Korea

Reuters out with the headlines of a telephonic conversation between the USPresident Trump and South Korean President Moon over the latest UN sanctions on North Korea.

Key Focus ahead

We have a quiet start to a brand new week, with second liner economic releases on the cards from across the globe. As the dust settles over the NFP aftermath, focus shifts the Eurozone Sentix Investors’ Confidence Index and UK Halifax HPI data due to be reported in the European session, while from the US docket, the Labour Market Conditions Index will be released followed by speeches from the FOMC members Kashkari and Bullard.

EUR/USD - Bond yield spread reverses course, is a trend reversal on the cards?

EUR/USD pair fell to a four-day low of 1.1728 on Friday after the US July non-farm payrolls number bettered estimate and wage growth ticked higher as expected.

GBP/USD: Downside opening up below 1.3000 ahead of US CPI?

GBP/USD attempted a minor bounce from weekly lows of 1.3024 in the Asian trades this Monday, as the USD bulls took a breather after Friday’s solid reversal triggered by stellar US jobs report.


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