- Narrow ranges overall for FX markets, all covered markets remaining well within typical daily ranges ahead of today’s highly anticipated FOMC meeting. GBP and EUR leading the pack and CHF and NZD lagging. DXY sits just below 2-week highs, gold is just below $1350 (previous YTD highs) and WTI has found resistance near the June high.
- Equity markets across the APAC region took the positive lead from Wall Street, after trade thawed on news of a Trump-Xi meeting. The Hang Seng gapped to a 1-month high and more than off-set losses caused by protests.
- Japanese exports contracted -7.8% YoY, for a 6th consecutive month and export volumes declined for a 7th straight month. However, exports to the US were higher, yet were down on the month to China. Overall, analysts see this trend as a concern to BoJ who could consider further easing to counter its negative impact on the economy.
- Japan’s Asakawa: Japan won’t take sides on US-China trade friction. It’s widely understood among G7 and G20 that BOJ’s easy policy us aimed at beating deflation, not currency manipulation. More substantial trade topics like WTO reforms will likely be debated at G20.
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