Forex Today: Bitcoin through $ 10k, N. Korea again, a busy calendar ahead
Forex today witnessed a quiet Asian session, with most majors sticking to tight trading ranges, as the dust settled over yesterday’s volatile session. The US dollar traded broadly subdued, consolidating the recent upsurge on the US tax progress, while the Yen was offered on the back of downbeat Japanese retail sales data. The Antipodeans traded with mild losses, as traders digested the comments from the RBNZ Governor Spencer.
Meanwhile, markets paid little heed to the North Korea’s ballistic missile launch news, with the Asian equities on the front foot. Gold prices were little changed, while both crude benchmarks extended the declines. Bitcoin surpassed the key $ 10000 barrier for the first time ever. This news drew a lot of attention during Asia.
Main topics in Asia
RBNZ's Spencer: LVR changes are not an attempt to bolster the housing market
RBNZ Governor Grant Spencer is hitting the wires, via Reuters, noting that first home buyers will benefit from LVR easing.
RBNZ Spencer - Very unlikely housing market will tank
Reserve Bank Governor Grant Spencer, while speaking to a Parliamentary committee, took note of the slowdown in the housing construction activity and said the odds of a housing market crash are low.
Bitcoin finally conquers $ 10000 for the first time ever
Bitcoin (BTC/USD), the largest cryptocurrency, extends its week-long bullish streak and finally conquered the 10k mark in the majority of the exchanges in the Asian trades.
North Korea says Kim Jong Un ordered launch of new ICBM
Comments from North Korea are crossing the wires via Reuters…
S. Korea can’t rule out possibility of N. Korea nuke test - Yonhap citing S. Korean spy agency
Yonhap citing the South Korean spy agency as saying that South Korea can’t rule out the possibility of a North Korea nuke test.
Key Focus ahead
We have a very busy calendar today, with the EUR, GBP traders awaiting the German Prelim CPI report ahead of the Spanish flash CPI and UK net lendings to individuals’data. Also, the outcome of the OPEC meetings will be eyed, as the OPEC and non-OPEC members begin their 2-day meeting later today.
In the NA session, the US prelim GDP figures and pending home sales will remain in focus, alongside the speeches from the BOE Governor Carney, Fed Chair Yellen, and FOMC member Dudley. The official US government crude oil inventory report will be published by the EIA in the American mid-morning.
EUR/USD - Focus on German CPI, risk reversals retreat on bearish price action
Inflation differential is set to hog the limelight today. German preliminary data due at 13:00 GMT is expected to show the cost of living as represented by the consumer price index increased 0.3 percent month-on-month in November.
GBP/USD: Will it regain 1.3400 on Brexit progress?
Having hit the best levels in two months at 1.3387 in the overnight trades, the GBP/USD pair dropped sharply, hitting a low of 1.3336 in the Asian opening trades, before recovering some ground to trade back above 1.3350 amid Brexit optimism.
OPEC deal far from certain - Goldman Sachs
OilPrice.com is reporting that Goldman Sachs believes the outcome of OPEC’s meeting with its partners in the oil production cut this Thursday is uncertain.
Eyes on this week's Aussie the CAPEX survey - Westpac
Analysts at Westpac explained that the ABS survey of private business investment plans, the CAPEX survey, will provide some further guidance on growth prospects.