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CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

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US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

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USD/CNH Break Higher Aids USD Recovery

FOREX

The USD was initially on the back foot, as US cash Tsy yields re-opened with a weaker tone, as the market digests the debt ceiling deal from the weekend. However, after USD/CNH broke to fresh highs above 7.1000, USD indices turned higher, the BBDXY last 1246, versus earlier lows near 1243.40.

  • AUD/USD fell from highs near 0.6560 to 0.6510. We sit slightly higher now, last near 0.6520. Apr building approvals data was weaker than expected, but didn't have a lasting impact on sentiment.
  • NZD/USD got to fresh lows back to Nov of last year. We printed 0.6030, but like AUD have recovered some ground, last 0.6040. Apr building permits for NZ also showed a pull back.
  • JPY has outperformed slightly, the pair last sits at 140.30/35, with a 139.97/140.53 range for the session so far. The risk averse tone in regional equities has helped yen, along with a pullback in US yields.
  • EUR/USD sits above 1.0700 for now, while GBP/USD is slightly higher, 1.2355/60.
  • Later the European Commission May survey, March US house prices and May US consumer confidence & Dallas Fed manufacturing are released. Also, Fed’s Barkin speaks on monetary policy. US API inventory data prints too.
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