Forex Today: A dull Asian-affair, All eyes on G2 and US dataflow

A dull Asian session on the final trading day of the week, with subdued trading activity seen across the FX board, as dust settles over the surprising central banks’ policy stance delivered this week. The US dollar traded broadly muted and contributed to mild gains seen in the Antipodeans, while the Yen held its ground amid increased cautious ahead of the G20 meeting, which will commence later in the European session. Meanwhile, it was the best week for the Asian equities since July last year.

Hence, all eyes remain on the upcoming meeting of finance ministers from the Group of 20, with the key highlight expected to be US Treasury Sec Mnuchin’s comments, while the US President Trump and Germany’s Chancellor Merkel meeting will also hog the limelight.

On the data-front, the BOE will publish its quarterly bulletin in Europe, in the NA session, the Canadian manufacturing sales will be reported, followed by the US industrial production, consumer sentiment and labor market conditions index, which will wrap up a heavy economic calendar this week.

Main topics in Asia       

GBP/USD consolidates hawkish BOE-led rally around 1.2350

Having peaked at fresh weekly tops near 1.2375 region in the overnight trades, the GBP/USD has entered a phase of bullish consolidation, in the wake of surprisingly hawkish BOE policy decision, with one dissenter in Kirsten Forbes, who voted for a rate hike.

China oil output dropped 8%, imports up 12.5%

According to data by the Chinese National Bureau of Statistics (NBS), China’s oil output dropped 8% annually to 31.44 million tons in January and February. 

China-Hong Kong bond connect link likely this year

As per Reuters report, China is considering linking the debt markets of Hong Kong and the mainland this year. 

Halfway into 2017's oil supply cut, Asia remains awash with fuel - RTRS

Latest Thomson Reuters Oil Research and Forecasts data reveals that the Asian oil markets remain in surplus, despite halfway into an OPEC-led oil supply cut.

Key focus for the day ahead                                                     

EUR/USD: Bulls target 1.0800 ahead of G20

The EUR/USD pair extends its side-trend into early Europe, as the bulls continue its consolidation phase near five-week tops reached earlier today at 1.0774.

Markets look to G-20 meeting for cues - WSJ

The Wall Street Journal (WSJ) offers a brief insight of what to expect from the upcoming G20 meeting, especially with the focus on the US President Trump-Merkel meeting and treasury secretary Mnuchin’s address.

GBP/USD could slip to 1.2300 on profit taking, G20 and Trump meeting ahead

On the last trading day of the week, any news from the G20 meeting would be scrutinized for fresh impetus. Also in focus would be German Chancellor Angela Merkel's first meeting with the US President Donald Trump.

USDCHF Ready to Rebound

The Swissy’s severe losses could be about to be put on pause if the technical bias is anything to go by.