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Forex Today: Antipodeans rally hard in Asia, EZ & UK services PMI in focus

The Antipodeans were the biggest movers in Asia this Tuesday, driven by upbeat fundamentals and broad-based USD correction. The Aussie emerged the top gainer amid upbeat Aus retail trade data and slightly hawkish RBA monetary policy statement, the Kiwi followed suit on the back of upbeat comments from the RBNZ Governor Spencer and better Chinese services PMI report. Despite, a broadly subdued US dollar, the Yen witnessed losses on higher shorter-duration Treasury yields and BoJ Governor Kuroda’s comments on the monetary policy programme.

Among other related markets, commodities’ prices, including oil and gold traded little changed, while the Asian stock markets traded on the back foot as losses in the technology stocks offset the US tax cut optimism.

Main topics in Asia

RBA leaves rates unchanged at 1.5%, higher AUD would slow economy and inflation

In today's Reserve Bank of Australia's (RBA) monetary policy decision, as widely expected, the Central Bank decided to keep its interest rate on hold at a record low of 1.5%, with the policy statement being interpreted as slightly hawkish. 

China’s Caixin Nov Services PMI rises at quickest pace since August, beats estimates

China’s Caixin November Services PMI came in at 51.9 versus 51.2 last and 51.5 expectations.

Australia October retail sales beat estimates

The official data released today shoed consumption as represented by retail sales rose 0.5 percent in October, beating the estimated rise to 0.3 percent from the previous month's print of 0.0 percent. 

RBNZ's Spencer - Time to put more weight on output, employment

Comments from Reserve Bank of New Zealand (RBNZ) governor indicate the central bank is becoming more flexible on inflation targeting. 

The GOP tax plan is heading for conference committee

News is crossing the wires via Reuters that US House has voted for go to conference on tax legislation. It is intended to help Republicans in the House and Senate sort out their differences. 

Goldman Sachs raises 2018 oil price forecast

Goldman Sachs has raised the 2018 Brent and WTI oil price forecast to $62 and $57.5 barrel, respectively. 

Key Focus ahead

Markets now look forward to a raft of final services PMI readings from the Euro area, followed by the UK services PMI report and Eurozone retail sales data. From the NA session, the trade figures from both the North American economies will be reported ahead of the NZ GDT price index and US ISM services PMI report.

EUR/USD - Focus on treasury yields & EUR/GBP flows

EUR/USD traded as low as 1.1830 yesterday before a late NY session decline in the treasury yields helped the spot moved back above 1.1865 (23.6% Fib R of Nov. 7 low - Nov. 27 high).

GBP/USD: Bears regain control ahead of UK services PMI

The GBP/USD witnessed a volatile session and emerged the biggest mover across the fx board on Monday, as a ‘No Brexit deal’ headline dominated markets. 

What to expect from key US ISM nonmanufacturing? - Nomura

Analysts at Nomura noted the key data this week and offered a preview of Tuesday's key ISM nonmanufacturing index that they expect to decline slightly to 58.6 in October, a still-elevated level consistent with continued Q4 momentum. 

Central Bank's in focus this month - UOB

Analysts at UOB Group noted the key Central Bank meetings this month.


Australia: Q3 GDP forecasted at 0.8% - Westpac

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AUD: The forgotten cyclical - ANZ

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