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GPIF Decision To Exclude Chinese Debt Weighs


Short End Yields Rise


Capex Trend A Concern For BOJ Rebound Outlook


FFM2 Given


Lifts In EDZ3 & EDZ4

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Markets have been rangebound so far with an early move higher in high beta currencies retraced. AUD/USD is down 4 pips and sticking to its US session range. The local data docket will be headlined by private sector credit for June and Q2 PPI data later in the session.

  • NZD/USD is flat. New Zealand building permits for June rose 3.8% M/M against a 2.8% decline in May, the New Zealand consumer confidence index for July fell to 113.1 from 114.1.
  • JPY is slightly stronger, USD/JPY down 8 pips. Data earlier showed the unemployment rate for June was slightly better than forecasts at 2.9%, while industrial production for June rose above estimate at 6.2%. Continuing the spate of better-than-expected data retail sales for May rose 3.1% compared to 2.7% expected. Elsewhere there were reports that Japan will extend state of emergency declarations to Osaka, Saitama, Chiba and Kanagawa today.
  • Offshore yuan is slightly weaker but holding the majority of Thursday's gains. USD/CNH is up 22 pips but hovering around the lowest levels since July 15. Markets will watch the PBOC OMO's today and await official PMI figures over the weekend.
  • Looking further ahead markets await Eurozone GDP and CPI data, with personal consumption expenditures data due from the US.