Forex Today: Canadian dollar bounced on NAFTA news, US Q2 prelim GDP - key
Forex today in Asia was a quiet affair this Wednesday, with most majors sticking to tight trading ranges in absence of relevant economic releases and a broadly subdued US dollar. Amongst the Asia-pac currencies, the USD/JPY pair traded almost unchanged near 111.20 region amid mixed Asian equities and mild risk-aversion, fuelled by uncertainty over the US-China trade issue. Meanwhile, both the Antipodeans traded marginally lower, in the wake of negative oiland gold prices.
The EUR and the GBP traded modestly flat, with the pound slightly weighed down by the Bloomberg report that the EU and UK negotiator could be struggling to make headway towards a Brexit, as they set a new deadline in November. The Canadian dollar was the top gainer after the Canadian press reported that Canada is ready to make significant concessions to secure the NAFTA deal.
Main topics in Asia
Canada's Freeland: Had constructive meeting with USTR Lighthizer
Comments from Canadian Foreign Minister Freeland are crossing the wires via Reuters:
China State Planner: China faces more challenges in achieving stable economic development
China State Planner Chief is out on the wires stating the world's second-largest economy is facing more difficulties in achieving stable and healthy economic development.
BoJ’s Suzuki: Expect factors that slowed inflation to fade away
More comments flowing in from the Bank of Japan (BoJ) board member Suzuki, as continues to speak about the monetary policy and the US tariffs.
US President Trump: New Trade Deal with Mexico will be a big hit! - Twitter
The US President Trump came on the wires now, via Twitter, sounding optimistic on the new US-Mexico North Atlantic Free Trade Agreement (NAFTA) deal with Mexico.
Canada ready to give way on dairy for NAFTA deal - GlobeAndMail
The Globe and Mail, a Canadian newspaper, reported a story on Wednesday, citing that Canada is ready to make significant concessions on dairy to secure the North Atlantic Free Trade Agreement (NAFTA) deal.
A possible EU / UK Brexit deal seen by mid-November - Bloomberg
Bloomberg quotes 'people familiar with Brexit talks', as saying that the UK and European Union (EU) see a deal unlikely by October.
Brexit: EU and UK negotiator are struggling to make headway
The UK PM Theresa May continues to assure markets that the pace of Brexit negotiations is accelerating, however, the reality is that the deal is unlikely to be wrapped up in the next seven weeks.
Key Focus ahead
Wednesday sees a thin showing for the European calendar, which makes up for the third straight day of data-light EU session. The second-tier German Gfk consumer climate will be reported at 0600 GMT, followed by Swiss ZEW surveys for August due at 0800 GMT. The UK docket remains absolutely data-dry.
The NA session looks relatively busy, with the Canadian current account data slated for release at 1230 GMT alongside the key US Q2 prelim GDP and core PCE price index data. The US Q2 GDP growth is seen at 4.0% y/y versus 4.1% previous. Also, in focus remains the US pending home sales data dropping in at 1400 GMT and the EIA crude oil stocks change report eyed at 1430 GMT.
EUR/USD nears a key 1.1750-80 resistance zone ahead of US GDP release
The EUR/USD's pullback from the 28-day high of 1.1733 clocked yesterday, indicates the "V-shaped" rally from the Aug. 24 low of 1.1301 has likely run out of steam near the 1.1750-1.1780 resistance range.
GBP/USD sees signs of life on Brexit news, eyes 1.2900 ahead of US GDP
The GBP/USD pair is seen showing some signs of life last hour, as the GBP bulls were offered some respite from the Bloomberg report that the Brexit dealis now seen likely by mid-November.
US GDP Preview: A minor downgrade will not deter the Fed, export component is key
The US releases the second version of Q2 GDP on Wednesday, August 29th, at 12:30 GMT. The first read came out at a growth rate of 4.1% annualized, the fastest clip in four years.
US: Q2 real GDP growth seen at 4.0% q/q - Nomura
Analysts at Nomura offer a sneak peek at what to expect from today’s second-quarter US prelim GDP report due at 1230 GMT.
GOLD: Eyes Further Upside Pressure Towards 1,217.20 Zone
The commodity continues to hold on to its upside pressure closing higher on Monday and opening the door for additional gain.
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