- The Yen continues to gain ground against most peers as the market continues to unwind their short positions on the currency and risk sentiment continues to deteriorate. The pair has fallen below 153, currently trading around 152.75, declining as much as 0.8% on the day. The greenback has lost 5.7% against the Japanese Yen since its peak earlier this month.
- The US Dollar index continues to hold above the 104 level, trading at 104.27 ahead of today’s key Annualized GDP data, durable goods orders and Core PCE Price Index QoQ. Investors anxiously wait for this data to gauge the Federal Reserve’s next step in their monetary policy.
- Germany’s private sector contracts against expectations for the month of July while France’s stagnated, ultimately confirming that the euro-area’s growth has stagnated. The pair made its way below 1.0850 but we continue to hold the 1.08-1.09 range.
- The People’s Bank of China lowered the rate on a key short-term rate to boost economic activity in the region, surprising markets and sending the USD/CNH pair to lower ground at 7.2480.
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