From Marc Chandler at Bannockburn Global Forex:
The US dollar is trading quietly against the major currencies. The euro is holding above $1.17 and sterling is holding above $1.35, but the market does not appear done probing these support areas. The greenback has also traded as close to JPY158 as possible without going over. This is where the Bank of Japan may have intervened last week. In the UK, Prime Minister Starmer’s rivals are preparing to mount a challenge.
China has promised to buy more of the B-3—beans, beef, and Boeing. Trump and Xi have exchanged platitudes, and Beijing has again cautioned that Taiwan is core interest. While Xi has repeated the typical mantra of opening up China more for foreign business, it is the foreign businesses that are trying to de-risk from China. A new “board of trade” is expected to be established, though such forums have existed in the past with little to show. The PBOC set the dollar’s reference rate at a new three-year low today....
....MUCH MORE
