Quiet session sees FX rangebound, equities softer; RBA minutes cautious, PBOC supports yuan
It was a light day for news and data, with major FX pairs mostly rangebound and regional equities drifting lower.
Japan returned from holiday, with the Nikkei 225 down 0.2% as of writing. Hong Kong’s Hang Seng and the Shanghai Composite both slipped 0.1%.
In New Zealand, June trade data showed a monthly surplus of NZ$142 million, but exports fell on the quarter for the first time in nearly two years. The annual trade deficit stands at NZ$4.37 billion.
The RBA’s July meeting minutes reinforced a cautious easing bias, despite strong market expectations for a rate cut that did not materialize.
China’s PBOC set the yuan reference rate at its strongest level since November 8, coming in 175 pips stronger than expected, signaling support for the currency.
In geopolitics, Donald Trump warned he would strike Iran again if necessary, citing concerns over nuclear activity.
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