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(U1) Fades Off 2021 Highs

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BMO Maintain "Range-Trading Bias"

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After plunging again on Friday Antipodean currencies have seen a recovery so far in Asia, AUD/USD bouncing off the lowest level since December 2020 to gain 23 pips last. NZD/USD seeing similar price action is up 13 pips.

  • USD/JPY has stuck to a narrow range, the pair last down 1 pip. The Nikkei reported that the gov't plans a Y100bn fund in 2022 for technologies such as semiconductors, batteries and AI. Elsewhere Tokyo scrapped all public viewing events during the upcoming Olympics, while Kyodo reported that attendance at the opening ceremony may be capped at 20,000.
  • Offshore yuan stronger in early trade, USD/CNH down 61 pips but still within Friday's range after the pair hit the highest since early May. Markets await the PBOC's LPR setting later today.