Forex Today: Asia unfazed by twin earthquakes, CAD retail sales - Key

Despite an absolutely data-empty Asian calendar this Tuesday, markets witnessed volatile trades, largely on the back of twin earthquakes that shook-off Asia. The yen rebound sharply across the board on safe-haven flows after the earthquake hit Japan, other earthquake hit New Zealand.

However, the risk-off flows were quickly reversed and a major turn-around in risk condition was experienced amid a broad based rally in commodities. Moreover, the Asian stocks also advanced as worries over the Japanese earthquake and tsunami warning faded.  

Looking ahead, markets will keep an eye on the speeches from RBA policymakers Debelle and Kent and BOE MPC member Forbes due later in the European session, while the Canadian retail sales data will hog the limelight in the North American session. Besides, the US existing home sales and regional manufacturing data will also remain in focus.

Main topics in Asia

Japan increased magnitude of the earthquake off Fukushima to 7.4, Fukushima Daiichi plant remains safe

The Japan Meteorological Agency has increased the magnitude of the earthquake off Fukushima to 7.4, while the United States Geological Survey downgraded the magnitude to 6.9, according to the site Breaking News.

Earthquake with 6.3 magnitude hits New Zealand’s Northern Island: USGS

As per United States Geological Survey reports, earthquake with 6.3 magnitude has hit New Zealand’s Northern Island.

Trump to withdraw from TPP on first day in office

Trump has reportedly said that will withdraw from TPP - The Trans-Pacific Partnership (TPP) or Trans Pacific Partnership Agreement (TPPA) first day in office. As a reminder, the TPP is a trade agreement among twelve of the Pacific Rim countries, excluding China.

Fitch affirms China at A+; outlook stable

In its latest credit review report on the Chinese economy, the US-based ratings agency, Fitch ratings, affirmed China sovereign credit rating at ‘A+’, with outlook maintained at ‘stable’.

Key focus for the day ahead

AUD: The week ahead - ANZ

Research Team at ANZ, suggests that the week ahead is relatively bereft of economic news and as such the risk is that the news flow around various risk events dominates for the AUD.

All warnings and advisory notices regarding a tsunami in Japan have now been lifted - Livesquawk

Livesquawk reports an announcement from the Japanese government on the earthquake, noting that the authorities have lifted all warnings and advisory notices regarding a tsunami in Japan.

Euro area consumer confidence in the limelight – Danske Bank

Research Team at Danske Bank, suggests that the Euro area consumer confidence for November is due to be released at 16:00 CET and will be closely watched by the investors.

UK: Focus on public finances today – RBC CM

Research Team at RBC Capital Markets, suggests that for UK’s government borrowing in October, RBC looks for an outturn of £6bn, a little higher than their tracker would suggest on account of the tendency for the deficit to have struggled so far to keep to the path intended at the start of the financial year.