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Brazil Hosts South American Heads Of State, Risk On Prompts USD Weakness

LATAM
  • Brazil President Luiz Inacio Lula Da Silva hosts South American heads of state in Brasilia for a summit meant to revive regional cooperation. Tuesday’s data calendar includes outstanding loans data from Brazil and Chilean unemployment figures. Later this week, the focus will be on the Banxico inflation report and minutes, activity data for both Brazil and Chile as well as Peruvian May inflation data.
  • The greenback is fading into the NY crossover, coming off the better levels of the session as markets got a risk-on boost from China trade headlines. The Chinese trade ministry released a statement confirming the extension of tariff waivers on some US goods until the end of December, helping provide major equity benchmarks with some support ahead of the open.
  • USDJPY printed a new cycle high of 140.93 in early European trade, but the pair backtracked following an unscheduled tri-party meeting held between the Japanese FSA, the Ministry of Finance and the Bank of Japan. Following the meeting, Japan's currency diplomat Kanda warned that the Ministry would take appropriate steps on currency markets if required, and outlined their intention to consider various options.
  • The Russian Defence Ministry has accused Kyiv of launching a 'terrorist drone attack' on Moscow. Local media reports that 32 drones were counted over the Russian capital, with 19 shot down, 10 falling by their own, and three damaging houses. The Defence Ministry states that just eight drones were recorded to have attacked the city with all eight brought down. No casualties were recorded.
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