Forex Today: Aussie jumps to test 0.80 in Asia, German CPI, US data eyed

An eventful Asian session for the forex markets today, with plenty of risk events reported from the Asia-pac economies, although the biggest gainer emerged the Aussie. The AUD/USD pair jumped back to test 0.80 handle, following the releases of upbeat Aus housing data, while the Kiwi staged a solid come back from RBNZ Wheeler’s NZD jawboning. Meanwhile, the USD/JPY pair reversed a spike to near 110 handle, despite risk recovery, as the Japanese currency was buoyed by better-than expected Japan’s retail sales data.

The US dollar resumed declines against its main competitors, having stalled its robust reversal at 92.41 levels. The Asian stocks cheered improved risk condition, as fears over the North Korean tensions dissipated.

Main topics in Asia

North Korea's Kim Jong-Un: Necessary to conduct more ballistic rocket drills targeting the Pacific

North Korean leader Kim Jong-Un is on the wires, via KCNA, stating that he'll continue to watch U.S. demeanors and "will decide future actions according to them".

Australia’s Q2 construction work done rebounds sharply, a big beat on expectations

The pace of construction work done in Australia during the June quarter of 2017 improved dramatically, coming in way stronger-than expectations.

Australia’s building approvals slump in July, but beat expectations

As reported by Australian Bureau of Statistics (ABS), Australia's building approvals for July stood at -1.7% m/m vs -5.0% exp and 11.7% prior (revised from 10.9%).

RBNZ’s Wheeler: A lower NZD needed to increase inflation and deliver balanced growth

The Reserve Bank of New Zealand (RBNZ) Governor Wheeler crossed the wires now, via Reuters, making his scheduled speech titled "Reflections on the stewardship of the Reserve Bank".

Moody's: China's 2017 GDP forecast revised higher to 6.8% from 6.6%

The US-based ratings agency, Moody’s Investors Service, is out with its latest global economic outlook report, highlighting… 

Key Focus ahead

The EUR calendar today also looks quite eventful, with the German prelim CPI and UK net lending to individuals data the key focus, while the US macro news, including the ADP jobs and US prelim Q2 GDP, will provide fresh insights on the US economic outlook and in turn on the Fed’s future course of monetary policy. Meanwhile, the Canadian current account data, EIA crude oil inventories and FOMC member Powell’s speech will also remain in the limelight.

EUR/USD: Will it regain 1.2000 ahead of German CPI?

The EUR/USD pair managed to regain bids in the Asian session, having reversed a sharp dip to near mid-1.19s, as focus shifts towards the economic releases due out from both continents in the day ahead.

GBP/USD offered above confluence of Fib levels, eyes US GDP and ADP

The Pound-Dollar clocked a high of 1.2979 yesterday before ending the day on a weak note at 1.2916 levels.

German Prelim CPI preview - HSBC

Analysts at HSBC offer a sneak peek on what to expect from today’s German preliminary CPI release due later in the European session.

US Prelim Q2 GDP to be revised higher - Barclays

In the view of Barclay’s Research Team, the second readout of Q2 US GDP data is expected to show a slight acceleration in the GDP growth rate.

President Trump to lay out his vision for the tax plan on Wednesday

Reports are doing the rounds that US President Donald Trump will lay out his vision for tax reform in the US session today.