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Firmer Crude Supports NOK & CAD, FOMC Decision Eyed

FOREX

The yen led losses in muted Asia-Pac trade, which saw safe haven currencies unwind some of their Tuesday's gains. The summary of opinions from the BOJ's July monetary policy meeting provided little in the way of fresh insights.

  • Australian CPI figures fell in line with expectations (headline readings saw modest 0.1ppt beats) and the Aussie was unfazed. Both Antipodean currencies struggled for any topside momentum. Meanwhile, CAD and NOK caught a modest bid as crude oil strengthened.
  • The PBOC set its central USD/CNY mid-point at CNY6.4929, the weakest level in more than 3 months and 6 pips below sell-side estimate. Spot USD/CNH pulled back from a multi-month peak.
  • The latest monetary policy decision from U.S. FOMC is set to steal the limelight today.
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