Forex Today: DXY extends consolidation, German CPI, US GDP - key

Broad based US dollar consolidation emerged the underlying theme in Asia, as markets took a breather heading into a data-heavy US calendar and OPEC meeting due later in the week.

The Japanese yen fought hard to regain control all-through the Asian session against the greenback, in wake of upbeat domestic economic releases, but in vain, as JPY sellers continued to lurk around 112 handle.

Moving on, markets await fresh impetus from upcoming macro releases, with the UK net lending to individuals data kicking-off an eventful calendar ahead, which will be followed by the German CPI and US GDP report. Further, the Canadian current account as well as US consumer confidence data will be also watched for fresh momentum across the fx board.

Apart from data, FOMC members Dudley and Powell are scheduled to deliver speeches later in the NA session.

Main topics in Asia

Saudi Arabia offering Iran a freeze at 3.7 mln barrels per day - Livesquawk

According to Livesquawk, Saudi Arabia is said to be offering Iran a freeze at 3.7 mln barrels per day, which falls short of the 3.97 mln bpd Iran has asked for.

BOC’s Poloz: Need to be ready for the use of additional tools with rates so low

BOC Governor Poloz continues to address the Q & A session, this time speaking on the monetary policy.

Asian stocks trade mixed amid OPEC talks, US GDP eyed

The stocks on the Asian indices were trading a mixed bag, as traders remain on the back foot amid ongoing OPEC output cut consultations, while attention turns towards the US GDP report due later in the NA session.

Brent oil – stuck between weekly 50-MA & 100-MA

Brent prices trade between the weekly 50-MA and weekly 100-MA level for the fourth straight week.

Key focus for the day ahead

EUR to trade with a negative bias ahead of the Italian referendum - ING

Research Team at ING, expects the EUR to trade with a negative bias ahead of this weekend's Italian constitutional referendum (Sun).

Goldman Sachs: Oil prices could rally above $ 50 on OPEC output cut

Analysts at Goldman Sachs published their latest preview on Wednesday’s OPEC meeting and its subsequent impact on oil prices.

US Q3 prelim GDP preview - BAML

Analyst at Bank of America/Merrill (BAML) came out with their preview for the upcoming US GDP data, lined up for release later in the NA session.

Russian EnergyMin Novak: No plan to meet OPEC in Vienna tomorrow - RIA

Latest headlines crossed the wires from the Russian energy minister Novak, via Russia’s news agency RIA, noting that that Russia has no plan to meet OPEC in Vienna tomorrow.

US: Soft jobs report to offset strong activity data; mixed week for the USD - ING

Research Team at ING, suggests that given all the hype about Trumpeconomics and a proposed fiscal package, there is an added layer of anticipation over this week's US data.