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Major FX traded in relatively subdued ranges apart from the yen, which weakened as USD/JPY edged up from just below 147.30 to above 147.80. The only news of note was confirmation that Japan’s chief trade negotiator, Akazawa, will return to Washington on Thursday for talks on Japanese investment in the U.S. Meanwhile, the Chinese yuan strengthened to its highest level against the dollar since November.
Data:
Australia’s monthly inflation came in hotter than expected in July, moving closer to the top of the RBA’s 2–3% target band. Headline CPI rose 2.8% y/y, the fastest pace in 12 months, up from 1.9% in June and well above the 2.3% forecast. The stronger print reduces already slim prospects of a September rate cut, with market pricing for easing edging a little lower after the release.From China, industrial profits slipped 1.7% in the January–July period from a year earlier, with July profits down 1.5% y/y after a 4.3% drop in June. It marked a third straight monthly decline as deflationary pressures, weak domestic demand and intense competition weighed on margins. Despite Beijing’s efforts to rein in excess competition, profitability has yet to improve.Asia-Pac stocks:
Australia (S&P/ASX 200) +0.15%Hong Kong (Hang Seng) +0.1%Shanghai Composite +0.2%Japan (Nikkei 225) +0.3% This article was written by Eamonn Sheridan at investinglive.com.Hence then, the article about investinglive asia pacific fx news wrap yen softened while other major fx traded quietly was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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