Foreign exchange market. Asian session

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

01:30 Australia Wage Price Index, y/y Quarter I 2.5% 2.4% 2.3%

01:30 Australia Wage Price Index, q/q Quarter I 0.6% 0.6% 0.5%

The dollar was almost flat against the yen in Asian trade Wednesday, with investors awaiting a key U.S. economic indicator later the day for fresh cues to scrutinize to see if the U.S. economy is stepping out of its doldrums in the first quarter of 2015. But the U.S. currency managed to bounce back with investors covering their short positions. Following that, investors were reluctant to make any major moves ahead of the release of the U.S. retail sales for April, which is crucial to gauge if a soft patch since earlier this year was driven by temporary factors such as bad weather. Lackluster U.S. data have raised questions about when the Federal Reserve would increase short-term rates, a move that would help lift the dollar. In addition, investors were avoiding taking strong position ahead of the issuance of new U.S. debt.

EUR / USD: during the Asian session the pair rose to $ 1.1250

GBP / USD: during the Asian session, the pair traded in the range $ 1.5655-85

USD / JPY: during the Asian session the pair traded in the range Y119.70-00

UK employment/earnings data due at 0830GMT provides the early interest though more focus seen on the BOE Quarterly Inflation forecast at 0930GMT and indications for timing of the next rate move. Apart from this domestic interest EZ GDP due from France, Germany and the EZ with key US retail sales providing the interest into the afternoon.