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G10 crosses returned to neutral levels in.....>

FOREX
FOREX: G10 crosses returned to neutral levels in the second half of the session,
retracing the initial moves driven by yesterday's announcement that U.S.-China
trade talks will resume ahead of next week's G20. On that same note, however,
during his campaign launch U.S. Pres Trump said that the U.S. "will have a fair
deal with China or no deal at all."
- USD/CNH extended yesterday's drop amid trade optimism before returning above
CNH6.9000, even as the PBoC fixing was stronger than exp. KRW and TWD rallied
sharply, as they remain particularly sensitive to trade war developments.
- Safe haven FX faced some pressure from the off, but pared losses thereafter
ignoring stronger Asia-Pac equity markets.
- Japanese Vice Fin-Min Asakawa said that G20 countries agreed that Japanese
MonPol targets deflation rather than FX rates.
- The main focus today falls on the FOMC MonPol decision & the subsequent
presser with Fed Chair Powell. Also of note are the Tory leadership contest in
the UK, speeches from BoJ's Eto, ECB Pres Draghi & Riksbank Dep Gov Jansson. UK
& Canadian inflation data and Swedish unemployment are also due.
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