Forex Today: USD strength dominates Asia, German Ifo – Up-next

Hawkish FOMC minutes and stronger US durable goods data-led bullish momentum in the US dollar extended into Asia, with the DXY scoring fresh thirteen-year tops at 101.97. On the data-front, the Asian calendar was almost data-empty, except for the Japanese flash manufacturing PMI release, which unfortunately came in below estimates.

In the day ahead, German Ifo business climate is likely to grab a lot of eyeballs amid a light economic calendar today, as the US markets remain closed in observance of Thanksgiving Day.

Main topics in Asia

USD/CNY: Yuan mid-point fixed at lowest since June 2008

The Chinese currency continues to remain stuck in a downward spiral, the greenback extends its advance against its main competitors amid an imminent Dec Fed rate hike, following the hawkish Nov FOMC meeting minutes published late-Wednesday.

Australian PM Turnbull says Govt has committed AUD 80bln to infrastructure investment

Speaking in parliament on the Annual Infrastructure Statement today, the Australian PM Malcolm Turnbull noted that his government has committed AUD 80bln to infrastructure investment, Bloomberg reports.

Asian/EM stocks drop on strong dollar and prospects of higher US rates

Stock markets across Asia, particularly the ones with the current account deficit concerns are finally showing signs of stress on prospects of higher US rates and strong US dollar.

Key focus for the day ahead

Eurozone: German Q3 GDP and IFO data in focus today - TDS

Research Team at TDS, lists down the key economic releases from today’s European session.

EUR/USD rebounds to 1.0550 in early Europe, German Ifo eyed

The EUR/USD pair stalled its overnight recovery and dropped sharply to hit fresh yearly lows at 1.0525, before embarking upon a tepid-bounce to climb back towards the mid-point of 1.05 handle.

AUD: The week ahead – ANZ

Research Team at ANZ, suggests that on the international data front, PMI surveys across China, the euro area, and the US will provide a pulse on global activity through November for the AUD.

Fed: Heading for a December hike - Rabobank

Philip Marey, Senior US Strategist at Rabobank, notes that the minutes of the FOMC meeting of November 1-2 did not add much new information.

To learn more about this topic, check our video analysis