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A summary of news and snapshot of moves ahead of the US session.

As central bank bonanza week continues and once the Fed rate announcement is in the rear-view mirror, attention will shift towards the BoE’s rate decision tomorrow.

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

Mix bag as markets digested a dovish ECB with an improve in risk appetite triggered by Trump-Xi G20 meeting.

Reports that Trump and Xi are to meet at next week’s G20 meeting provided a welcome boost for sentiment, seeing USD/CNH fall to a 3-week low amid its most bearish session in two months.

See a summary of the top FX themes and trends from today's US session!

We don’t see any real reason for the bond market rally to falter tomorrow or at any time soon, meaning US and other developed economies’ yields should remain depressed. If so, this could be good news for stocks as well as lower-yielding assets such as gold and silver, despite precious metals being traditional haven assets.

A summary of news and snapshot of moves ahead of the US session.

Back in March, zero members were expecting a rate cut at any point in the next three years, and with data generally holding steady (albeit at low levels), there’s no urgency for an immediate rate cut tomorrow in our view. Instead, Powell and Company may use Wednesday’s release to set the stage for a potential rate cut next month.

We’ve been patiently monitoring corrective price action on USD/JPY in hope of it confirming a swing high. With an FOMC meeting on tap, the meeting could spark the volatility required to make or break the bearish bias.

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

USD strength at risk of minor pull-back while further downside pressure remains for USD/JPY.