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Summary – July 17

LATAM
  • The data calendar is light in LatAm today, with just Brazil FGV IPG-10 inflation and Argentina’s leading indicator for June set to cross. Elsewhere, focus for the duration of Wednesday trade turns to US housing starts and building permits data, to be followed by industrial and manufacturing production for June. The Fed schedule is slightly busier, with appearances from the Fed's Barkin and Waller due ahead of the Beige Book release.
  • USD – A weaker USD backdrop pervades, with the greenback softer against all others. Desks have noted Trump's appearance in Bloomberg Businessweek posted late yesterday, within which he flagged his concern with the strong dollar exchange rate, citing weakness in both JPY and CNY as causing issues with international trade. This favours EURUSD, which has touched its highest level since March 14.
  • Global news:
    • US/CHINA – The Biden administration, facing pushback to its chip crackdown on China, has told allies that it’s considering using the most severe trade restrictions available if companies such as Tokyo Electron Ltd. and ASML Holding NV continue giving the country access to advanced semiconductor technology. The US is mulling whether to impose a measure called the foreign direct product rule, which lets the country impose controls on foreign-made products that use even the tiniest amount of American technology.
    • JAPAN – Japan's top currency diplomat Masato Kanda said on Wednesday he would have to respond if speculators cause excessive moves in the currency market and that there was no limit to how often authorities could intervene, Kyodo News reported. "I have no choice but to respond appropriately if there are excessive moves caused by speculators," the vice finance minister for international affairs told Kyodo in an interview.
    • MIDEAST (MNI) – Wires have been carrying comments from Hezbollah leader Hassan Nasrallah delivering an address as the prospect of all-out war with Israel remains a pressing threat to regional security. Nasrallah says that, "If [Israel] persist in targeting our civilians, [Hezbollah] will launch rockets and target settlements that have not been previously attacked".
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