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Yuan Gains On U.S.-China Talks, JPY Outperforms In G10 FX Space

FOREX

China stole the limelight again, as offshore yuan gained on the back of reports that Commerce Mins from the U.S. and China have agreed to improve bilateral trade and investment ties. Separately, PBOC Gov Yi told the audience of the Lujiazui Forum in Shanghai that he sees China's consumer-price inflation below 2% this year, adding that the yuan exchange rate will remain stable.

  • Headlines from China failed to elicit much volatility in G10 FX space, which saw another quiet Asia-Pac session. The yen resisted any potential impact of Gotobi Day flows and outperformed at the margin, as USD/JPY slipped over the Tokyo fix.
  • The latest monetary policy decision from the ECB and much awaited U.S. inflation data are set to take centre stage today. Speeches are due from ECB Pres Lagarde, BoC Dep Gov Lane & BoE Chief Economist Haldane.
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