Major FX was characterised by higher yen crosses during the opening session of the week. USD/JPY tested its Friday high circa 135.50 but did not mana
Major
FX was characterised by higher yen crosses during the opening session of the
week. USD/JPY tested its Friday high circa 135.50 but did not manage
to follow through up further. Meanwhile AUD, NZD rose against the USD.
EUR, CAD and GBP are little changed on the session, as is CHF (all
against the USD).
News
flow was decent over the weekend.
- The
US Senate passed Biden’s Inflation Reduction Act. It heads to the
lower house for passing and then to his desk for signing into law. - There
appeared to be progress made on agreeing to Iran’s nuclear deal.
This has been going on for months and while I say ‘appeared’
there also appears there is still work to be done. - China’s
July trade data was released over the weekend. Exports grew y/y at
their fastest pace for the year.
From
the Fed we had two speakers over the weekend, Bowman and Daly. Both
flagged further rate hikes. Bowman seems more keen on +75 in
September than does Daly, but there is still a good while to come
before September 21. Plus 3 inflation readings (see bullets above)
and another NFP report.
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