FX Brief: Hong Kong’s Extradition Deal ‘Is Dead’

A summary of news and snapshot of moves from today’s Asia session.

  • Hong Kong’s proposed extradition deal is dead, according to their leader Carrie Lam yet calls for her resignation remain high among students. The Hang Seng index is currently down -0.8%.
  • Australian business confidence fell to a 2-month low after May’s ‘post-election’ spike higher, taking it back near multi-month lows and hinting at headwinds for growth in Q2.
  • Retail sales for the UK.
  • Narrow ranges again for FX majors and crosses, with all pairs we track remaining well within their typical daily ranges. NZD is currently the strongest major, AUD is the weakest. NZD/JPY and NZD/CAD are the biggest gainers, AUD/NZD and AUD/USD are the largest losers.

Up Next:

  • Fed Chair Jerome Powell is to provide opening remarks on a stress-test conference, so is unlikely to be covering monetary policy (but all eyes will be on him tomorrow when he delivers his semi-annual testimony to congress).

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