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AUD Underperforms, Weighed Down By COVID-19 Concerns

FOREX
  • Early gains for Antipodean pairs were tempered as the session wore on, particularly in Australia where PMI surveys dropped, the Sydney lockdown was extended and the trans-Tasman travel bubble was suspended due to the elevated number of coronavirus cases. AUD/USD id down 2 pips, while NZD/USD is up 9 pips.
  • Japan observed a national holiday on Friday which resulted in the closure of Japanese financial markets, the holidays will result in thinner liquidity during Asia-Pac trading. USD/JPY up 13 pips as the greenback rises slightly from opening levels, but stays within yesterday's range.
  • Offshore yuan hovered in a narrow range, USD/CNH last down 16 pips and sticking to a 60 pip range through the session, the pair briefly touched 6.47 but bounced from the level. The PBOC set USD/CNY reference rate at 6.4650, in line with sell side estimates and essentially flat from the day before.
  • GBP/USD is down 7 pips, data showed UK GfK consumer confidence for July was slightly better than expected at -7, which is the highest reading since February 2020. Elsewhere there were reports that Northern Ireland could suspend checking goods entering from Britain if the UK signs up to an unacceptable Brexit deal.
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