Forex Today: USD/JPY surpasses 111.00 in Asia, ECB Draghi in focus

Amid an eventless Asian today, the yen was main laggard and dropped to fresh half-yearly troughs against the greenback, sending USD/JPY above 111 handle. The US dollar stalled its winning streak versus its main competitors as the bulls consolidate the recent upsurge to fresh multi-years tops reached near 101.50 levels.

Next in focus remains the German Bundesbank monthly economic report which will be reported in the European session, while ECB President Mario Draghi’s speech will take the center-stage alongside the Canadian wholesale sales data, which will be released in the NA session. While the US docket remains absolutely data-empty today.

Main topics in Asia

USD/JPY: bulls finding heavy work of the 111 handle

USD/JPY has stalled after the initial bid in early Asia's open that took out the 111.00 level and established a new high for H2 at 111.14.

Iraq to offer 3 new proposals re-implementing OPEC accord at Vienna meet - WSJ

Iraq’s oil minister said late-Sunday that he is optimistic about OPEC reaching an agreement at its next meeting, a change in tone that suggests the cartel’s most recalcitrant member is coming around to the idea of cutting oil output, WSJ reports.

Russia’ Putin: ‘A strong likelihood that OPEC deal will be achieved’

More comments on oil crossing the wires from the Russian Premier Vladimir Putin, as he continues his speech at the APAC Summit.

USD/CNY: PBOC weakens Yuan further, hits new 8-1/2 yr highs

The USD/CNY pair rallied to the strongest level in more-than eight years on Monday, after the Chinese central bank, the PBOC, continued to weaken the Yuan for the twelfth straight session.

Key focus for the day ahead

Key events for week ahead: Fed minutes - Rabobank

Analysts at Rabobank offered an outlook for the week ahead.

GBP/USD extends its struggle with 1.2350 into Europe

The GBP/USD pair is seen moving back and forth in a 30-pips narrow range over the last hours, as the major lacks direction amid an eventless Asian session and subdued trading activity around the US dollar.

EUR/USD re-takes 1.0600 ahead of ECB Draghi

The EUR/USD pair is seen making attempts once again to survive above 1.06 handle as we head into early Europe, with the bulls finding some support from a minor-correction staged by the US dollar against its major peers.

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