The US Bureau of Labor Statistics will announce average hourly earnings, nonfarm employment change (NFP), and the unemployment rate on May 6, at 15:30 MT time.
Experts: in real terms Asian currencies are still affordable
Asian currencies happen to be cheap enough in historical trade-weighted terms notwithstanding a firm soar to multi-year maximums for the last year on a weakening greenback as well as sturdy flows into this region, as market experts state.
For example, Malaysia's ringgit has managed to gain +15% versus the evergreen buck since the beginning of the previous year, although in real effective exchange rate terms it remains 5% below its ten-year average.
Meanwhile, the Japanese yen, Indonesian rupiah as well as Philippine peso are heading south, diving below their ten-year averages.
The ascend in regional currencies versus their trading partners' assets for the last year has appeared to be much lower than their revenues on the greenback, making them still attractive, as market experts point out.
The Thai baht and also the South Korean won have tacked on more than 12% each versus the evergreen buck since Jan 2017, although their REER rates jumped nearly 4% during that period.
Apparently, currencies in the Asian region could still have enough room to inch up, especially considering the extremely impressive current account surpluses in their domestic economies.
As a matter of fact South Korean won's and China's yuan REER rates happen to be the highest in their region, showing 110.7 and 122.6 respectively.
Asian exports have mostly managed to absorb the ascend in regional currencies, simultaneously deriving benefits from sturdy global demand as well as a revival in commodity prices.
In 2017, China's exports rallied for the first time for three years. Meanwhile, Japan's exports enjoyed their most impressive surge for seven years.
Notwithstanding the baht edging up approximately 10% versus the evergreen buck, Thai exports rallied 9.9% in 2017, which is the greatest soar for six years.
In general exports are prone to reacting external demand conditions, rather than fluctuations in currencies, as some financial experts explained.
The Bank of England will publish its Monetary Policy Report and Summary, Official Bank Rate, and its votes on May 5 at 14:00 MT.
The Reserve Bank of Australia will make the cash rate statement on May 3, at 07:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
The US PPI will come out on Thursday, May 12, at 15:30 MT time.