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The US dollar lost a little ground during the session here today. Major currencies were higher pretty much across the board. The euro lagged a little. EUR/USD hit highs circa 0.9990, but could not get above its US timezone highs nor trouble parity.
News flow was very light indeed.
Central bank activity was little better. Bank of Japan policy board member Toyoaki Nakamura spoke, without adding much different from what we hear from the Bank regularly. In a nutshell,
- the economy is showing signs of recovery,
- there are downside risks still,
- rising inflation levels in Japan are not sustainable,
- and there is no imminent change in policy stance coming from the Bank.
The Bank of Korea raised their base rate by an as expected 25bps.
The People's Bank of China set the reference rate at its lowest (for the onshore yuan) since the end of August 2020 (i.e. USD/CNY at its highest)
Data flow, too, was light. Japan's services PPI (for July) came in above 2% again.
USD/CNH (offshore yuan) is still shying away from 7:
Oil traded at the top end of its recent range.
