Greenback extends recovery to hit five week...>

FOREX: Greenback extends recovery to hit five week high

- After a decent turnaround from the Monday low, the USD gained further early

Tuesday and remains the best performing currency in G10 ahead of the G10

crossover. The greenback strength follows some switching of month-end models to

indicate EUR sales and JPY buying into month-end. Nonetheless, EUR/USD is

holding above the Friday low at $1.1195, which becomes first support going

forward.

- In Asia-Pac hours, reports that the Chinese government had approved the new

Hong Kong security laws ruffled some feathers, but most local equities managed

to finish higher. Focus turns to any countermeasures that could follow from the

US and UK, who are supposedly considering their responses.

- European equities are generally lower so far, but losses are limited so far.

US futures are a little lower in sympathy, indicating a negative cash open.

- Plenty of US data to digest, with MNI Chicago Business Barometer, June

consumer confidence and S&P house price indices. Canadian GDP crosses as well as

speeches from BoE's Haldane, ECB's Schnabel, Fed's Powell and a few others.