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Japan's absence prompted a quiet start to.....>

FOREX
FOREX: Japan's absence prompted a quiet start to the session, with few data
points helping to distract from general USD weakness in early trading hours.
That remained the case into the U.S. close, although losses were trimmed as U.S.
Tsys recovered. Market focus was on Trump's meeting with Putin, which produced a
glut of headlines, although there was no real market-moving reaction.
- WTI observed a drop of over 4% as traders focussed on reports that Saudi
Arabia was offering extra supplies to some customers, twinned with more
speculation that the U.S. could tap the SPR. This weighed on AUD & CAD, although
NOK was largely spared.
- GBP was undermined by the Brexit situation, although the Brexiteers' tabled
amendments passed through both the Commons & Lords.
- Focus Tuesday turns to NZ CPI, RBA July meeting minutes, UK jobs numbers and
the first part of Fed's Powell's semi-annual testimony.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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