Forex Today: Aussie slips on poor China imports, a light session ahead

Forex today witnessed notable USD supply, as the overnight dovish remarks from Fed officers continued to weigh on investors’ minds. On the data front, Australia’s strong NAB business confidence numbers helped the Aussie to post daily tops near 0.7940. However, the renewed uptick soon faded on the release of downbeat Chinese imports and exports data. The Kiwi too suffered from dismal China trade figures, while the Yen benefited from widespread risk aversion amid the recent weakness seen in oil prices and negative Asian equities.

Main topics in Asia

Australian Trade Min: Stronger AUD making exports less competitive - BBG TV

Australia's Trade Minister Steven Ciobo was on the wires, via Bloomberg TV, stating that a higher AUD is making exports less competitive.

NZIER recommended RBNZ to stay hold

Markets await the RBNZ this week - no action is expected from the Bank.

Bitcoin is nearly three times the value of Gold

The value of Bitcoin [BTC], a virtual currency often dubbed as virtual Gold, is nearly three times the value of one ounce of Gold. BTC and gold prices hit parity about five months ago.

Australia NAB: Business sector’s strong run continued in July, wage growth subdued

The National Australia Bank [NAB] data released this Tuesday morning shows the recent strength in the business sector was maintained going into the start of the third quarter. 

China’s July trade data (Yuan terms): Exports & imports miss expectations

China's trade balance for July, in Yuan terms, came in at CNY+321.2 bn vs +293.55 bn expected and +294.30 bn last. 

Key Focus ahead

The economic calendar for today holds little of relevance, with the German trade balance and Swiss jobs data to have virtually no impact on the FX markets. Later on Tuesday, the Canadian housing starts will be published ahead of the US open, followed by the US JOLTS job openings and IBD/TIPP Economic Optimism data.   

GBP/USD: Will it regain 1.3060 amid risk-off and light calendar ahead?

GBP/USD caught a fresh bid-wave in Asia this Tuesday, taking the rate back towards the key upside barrier located near 1.3060 region amid notable USD supply.

EUR/USD: Signs of a 400-pips bull trap as US inflation expectations rise

The EUR/USD rose to a high of 1.1814 yesterday and extended gains to 1.1824 in the Asian session today. 

Key US JOLTS data previewed - Nomura

Analysts at Nomura offered a preview of the next key data from the US.

RBNZ: no policy changes expected - Nomura

Analysts at Nomura expect no policy changes from the Reserve Bank of New Zealand (RBNZ).