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Greenback Softens Ahead Of Key US Inflation Data

EMERGING MARKETS
  • US: Thursday’s focus is on US CPI release today at 1330BST/0830ET. Consensus puts core CPI inflation at 0.2% m/m in July in what’s likely only a minor uptick from the unrounded 0.16% m/m in June.
  • Currencies: Markets have received a jolt of risk appetite early Thursday, helping pressure haven currencies and keep the USD and JPY on the backfoot. The softer USD coincided with a positive open for European equity markets, allowing EUR/USD to post a bullish break of the consolidative pennant formation in the pair across the first few weeks of August.
  • US/CHINA: MNI (Beijing) - As anticipated yesterday, U.S. President Joe Biden has signed an executive order to ban certain U.S. investments in China. The measures will prohibit U.S. persons from investments in China involving sensitive technology such as semiconductors, quantum information technologies and artificial intelligence.
  • CHINA: Separately, China’s securities watchdog plans to hold a meeting on the real estate market on Friday, according to people familiar with the matter, underscoring growing urgency among regulators to deal with a worsening property crisis (BBG).
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