From Marc to Market:
With the fog of war still shrouding the near-term outlook, the US dollar is mostly consolidating with a softer bias against the G10 currencies. Outside of the New Zealand dollar that is still basking in yesterday's rate hike, and the Canadian dollar, which is slightly softer, the other G10 currencies are up less than 0.15% ahead of the North American open. August WTI and September Brent are trading within yesterday’s ranges.
The FOMC minutes released yesterday failed to tell the market anything it did not already know. Fed officials are divided, which had already been revealed in the “dot plot” that saw nine of the 18 members indicate that they thought at least one hike this year would be appropriate. The UK’s Labour leadership contest formally begins today, though there seems to be little doubt of the outcome. French politics are also in flux after Le Pen says she will run for president next year. Lastly, undeterred by slightly slower consumer inflation, the PBOC set the dollar’s reference rate at a new three-year low....
....MUCH MORE
