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AUD Softens, USD Crosses Rangebound

FOREX

Commodity FX felt some mild selling pressure as caution emerged ahead of Thursday's announcement of the FOMC's latest monetary policy decision. AUD led losses in G10 FX space, as minutes from the RBA's June policy meeting noted that "monetary policy would be likely to need to remain highly accommodative for some time yet."

  • Most major USD crosses stuck to tight ranges, even as markets in Australia, China, Hong Kong and Taiwan reopened after a long weekend. The DXY remained within the confines of the prior day's range.
  • The first yuan fixing this week fell roughly in line with expectations, as the PBOC set its central USD/CNY mid-point at CNY6.4070 (against sell-side est. of CNY6.4074).
  • Coming up today we have U.S. retail sales, industrial output & Empire M'fing, final German CPI, UK unemployment & Canadian housing starts. Speeches are due from BoE's Bailey as well as ECB's Lane, Rehn, de Cos, Panetta & Holzmann.
Energy BulletsCommodities
Energy BulletsCommodities

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