ForexLive Asia-Pacific FX news wrap: USD adds on a few points

Session wrap
  • Forex news for Asian trading on Wednesday, 5 July 2023
Eamonn Sheridan

Eamonn Sheridan

Wednesday, 05/07/2023 | 02:50 GMT-0

05/07/2023 | 02:50 GMT-0

It
was a very subdued session following on from the US Tuesday 4 July
holiday. Fresh news flow was virtually non-existent. We did get
Service PMIs from Japan and China, both of which declined in June
from May but which nevertheless remained in expansion.

The
People’s Bank of China set the CNY stronger than expected in the
reference rate today. Offshore yuan strengthened alongside but that
was soon reversed as traders scooped up USD/CNH on the dip. The USD
is mixed to a little higher pretty much across the board as I post.

Still
to come today we have US markets reopening after the day off along
with Federal Open Market Committee (FOMC) meeting minutes and NY Fed
President Williams speaking.

USD/CNH update, it dipped briefly on the PBOC CNY reference rate setting and then rallied sharply higher for the session:

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Source: https://www.forexlive.com/news/forexlive-asia-pacific-fx-news-wrap-usd-adds-on-a-few-points-20230705/

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