Forex Today: NZD outperforms on solid NZ jobs, UK PMI – Up next

Forex today was driven by resurgent USD demand across the board, after Treasury yields on the comments from the US house tax committee Chairman Brady. Risk-on remained at full steam in Asia, reflected upon by higher Asian stocks and oil prices. As a result, USD/JPY advanced further towards 114 handle, while EUR/USD weakened to 1.1630. Meanwhile, the Aussie traded modestly flat, paying little heed to the Chinese factory data. The Kiwi outperformed on the back of solid NZ jobs data, unwinding the shorts ahead of the FOMC decision.

Main topics in Asia

US house tax committee Chairman Brady: Will release tax bill on Thursday

The house tax committee Chairman Brady crossed the wires again last minutes, via Reuters, noting that, “in consultation with Trump and our leadership team, we have decided to release the bill text on Thursday".

China's Oct Caixin PMI steadies at 51, meets expectations

China Caixin Manufacturing PMI for October steadied at 51 vs. 51 expected, with Caixin's summary noting that the output increased at the slowest pace in four months.

Japan’s Aso: Yen is stable at the moment

More comments crossed the wires from the Japanese Finance Minister Taro Aso, this time expressing his view on the exchange rate level.

NZ TradeMin: Foreign home ownership ban won't cause price collapse

New Zealand Trade Minister David Parker crossed the wires on Wednesday, commenting on New Zealand’s proposal to ban foreigners from buying existing homes.

Aussie Press: Australian Senator Parry confirmed to be UK citizen

The President of the Senate Stephen Parry confirmed to be a UK citizen on Wednesday, implying that he holds a dual citizenship, The Australian reported.

Key Focus ahead

We have a busy session ahead, with the UK manufacturing PMI data to fill in the holiday-thinned European calendar, while ahead of the US open, the key ADP jobs data will be published, followed by the US manufacturing PMI reports due to be reported by both Markit and ISM. The focus will also remain on the EIA crude inventory report and SNB Board member Zurbrugg’s comments due later in the NA session. Meanwhile, the main market-moving event for today remains the FOMC monetary policy decision.   

GBP/USD: Will it regain 1.3300 ahead of UK PMI? FOMC on sight

The GBP/USD pair consolidated the recent upsurge near 50-DMA at 1.3270 levels, having faced rejection just below 1.3300 in early Asia, with the focus now shifting towards the UK manufacturing PMI data and FOMC decision for fresh direction.

EUR/USD - Above 1.16, but H&S neckline hurdle intact, Vols hit 4-month low

EUR/USD struggled to gather upside momentum on Tuesday, even though the he Eurozone economy grew faster than expected last quarter and unemployment fell to its lowest in almost nine years.

FOMC Preview: No fireworks expected - BAML

Analysts at BAML offer a sneak peek at what to expect from the November FOMC monetary policy decision due later today at 1800GMT.

EUR/USD Forecast: fall to 1.15 mark remains a distinct possibility, ADP report and FOMC in focus

The EUR/USD pair continued with its struggle to register any meaningful recovery and remained closer to over three-month lows touched last Friday.