BBDXY Marginally Softer, NZD Outperforms At The Margin

The broader BBDXY sits a shade below late Tuesday levels.

• Firmer than expected UK CPI data, including an uptick in the key services inflation metric, ultimately provided a light bid for GBP, with sterling now back from initial post-data bests. GBP is roughly middle of the G10 pack on the day.
• NZD is the G10 outperformer after the RBNZ marked its OCR projection track higher alongside the widely expected on hold monetary policy decision.
• AUD struggled in Asia, as China worries: re: property & shadow banking intensified further.
• USD/CNH extended its foray above CNH7.30 on those fears, topping out ahead of CNH7.3400 before retracing to circa CNH7.32 at typing.
• Monthly industrial production, initial Q2 GDP and revisions to the Q2 employment data at the Eurozone level will cross this morning. Elsewhere, U.S. housing starts, building permits and industrial production will cross, although the NY headline event comes in the form of the FOMC meeting minutes covering the most recent policy decision.