Forex Today: USD mildly weaker, Cable hits fresh 1-year high; UK jobs report and US CPI in focus

The US Dollar eased a bid during Asian session on Wednesday and was being weighed down by N. Korea's latest threat following new sanctions imposed by the UN. Further downside, however, was cushioned by yesterday's upbeat JOLTs report, showing job openings in July improved to about 6.2million. 

Main topics in Asia

JOLTS reviewed: highest on record - Nomura
July’s reading marks the highest on record for the survey. Overall, vacancy postings remain elevated with strong labor demand in a tight market.

North Korea vows to accelerate nuclear push after UN sanctions - Bloomberg
North Korea's response to new United Nations (UN) sanctions is aggressive as usual. The nation says it will accelerate its plans to acquire a nuclear weapon that strike the US homeland as it seeks 'practical equilibrium' with the US.

The Japanese Yen was being weighed down by today's slightly below expected release of PPI print for August, albeit the USD/JPY pair struggled to extend its upward trajectory further beyond 110.30 level.

USD/JPY retreats from near 2-week highs, 110.00 mark at risk
The USD/JPY pair reversed early uptick to near two-week high level of 110.29 and drifted into negative territory, snapping two-consecutive days of winning streak.

Meanwhile, the Australian Dollar ticked higher following the release of upbeat Westpac consumer confidence number for September, which to some extent was negated by an attempted currency jawbone by RBA's Harper.

AUD/USD mildly bid in Asia on upbeat Westpac consumer confidence
AUD/USD is enjoying marginal gains in Asia after the Aussie Westpac consumer confidence number for September printed at 2.5% vs. previous month's dismal reading of -1.2%.

RBA's Harper: economic growth too weak to justify a rate hike
RBA board member Ian Harper was noted saying that the recent AUD gains were primarily driven by a weaker US Dollar and that the economic growth was too weak to justify a rate hike.

Key Focus ahead

In other notable moved during Asian session on Wednesday, the GBP/USD pair moved past the 1.3300 handle for the first time since September 2016. With the scheduled release of UK jobs report, the pair would remain in focus today ahead of Thursday BoE monetary policy meeting. 

GBP/USD breaks through 1.33 mark, highest since Sept. 2016
The GBP/USD pair was seen building on previous session's UK CPI-led strong gains and moved past the 1.33 handle for the first time since mid-September 2016.

Later during the NA session, the latest US inflation figures would influence the Federal Reserve’s next monetary policy move, due to be announce on September 20.

US Producer prices preview - Nomura
August is likely to see a modest pick-up in PPI inflation considering possible rebounds in volatile components. PPI for trade (which represents wholesalers’ margins) could revert.

EUR/USD - Yield differential saved the day for EUR, focus on EZ & US data
The EUR/USD dropped to an intraday low of 1.1926 on Tuesday before rising to a high of 1.1993 in Asia.

Also in focus would be the EIA's weekly US crude oil inventories data, which would drive demand for the commodity-linked currency - Loonie and provide some impetus for the USD/CAD major.

Oil prices mixed as US stockpiles rise & OPEC sees higher demand
Oil benchmarks traded mixed in Asia with the downside being capped by bullish comments from OPEC.