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A fairly sedate session for G10 FX, with......>

FOREX: A fairly sedate session for G10 FX, with Japan off for a long weekend.
News flow was thin, with participants awaiting China's retaliation against U.S.
decision to close Beijing's consulate in Houston. AUD ignored Australia's JEFU,
which provided nothing to shock. NZD outperformed its G10 peers at the margin.
- Selling pressure hit KRW at the re-open of onshore trade, after South Korea's
preliminary Q2 GDP figures missed expectations and confirmed that a technical
recession is underway. FinMin Hong attributed the below-forecast readings to
external shocks and pledged policy efforts to stimulate recovery in Q3.
- USD/CNH lost ground despite a softer than expected PBoC fix, as the pair's
50-DMA crossed below the 100-DMA, even as concerns over the latest diplomatic
tensions between the U.S. and China continued to linger.
- The BoT commented on speculation that U.S. Tsy might add Thailand to a list of
FX manipulators, noting that the central bank's intervention has been two-way.
- Focus moves to U.S. initial jobless claims, Swedish & Norwegian unemployment
rates, advance EZ consumer confidence, comments from ECB's de Guindos and BoE's
Haskel, as well as MonPol decisions from the SARB & CBRT.

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