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Greenback Holds Post-CPI Decline

FOREX

A tight session again so far, the greenback holding most of its post-CPI losses. AUD/USD is down 1 pip, it is a light economic docket today with consumer inflation expectations due later in the session.

  • NZD/USD is up 4 pips. Data earlier showed New Zealand July food prices rose 1.3% M/M. PM Ardern outlined the government's plan to expedite Covid-19 vaccine rollout, before implementing a trial scheme later this year.
  • JPY is stronger, USD/JPY down 7 pips after the pair snapped a five day winning streak on Wednesday. Data showed PPI rise above estimates at 5.6% Y/Y and 1.1% M/M. A panel of experts advising the Health Ministry warned that strain on the healthcare system in Tokyo and other localities is reaching a critical phase, as Japan recorded another daily record in new Covid-19 infections.
  • Offshore yuan is flat, USD/CNH holding yesterday's losses. There are fears of further regulation with a statement from the State Council yesterday saying it would actively work on legislation in areas including national security, technological innovation as well as anti-monopoly to improve the legal framework and help govern the country.
  • Markets look ahead to UK GDP figures and PPI out of the US later today.
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