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ForexLive Asia FX news wrap: Big jump for CNY at the mid-rate setting today

Forex news for Asia trading on
Friday
30
July 2021 

There
were minor swings for currencies against the USD during the session
and overall not a lot of net change. USD/JPY
and EUR/USD are little changed on the session while cable is down
just a touch. AUD/USD and NZD/USD also in the ‘little changed’
basket.

USD/CAD
tracked as high as just over 1.2470 before coming back down to be
also little changed as I update circa 1.2450.

The
People’s Bank of China slashed the USD/CNY mid-rate by the most
since late in 2020 with a 340 point drop from yesterday’s mid-rate to today’s. Authorities in China once again took action on prices, this
time announcing some fertiliser firms had been instructed to suspend
exports.

On
the coronavirus news front:

  • The
    Philippines capital region Manila is to be placed in lockdown
    measures from August 6, authorities there citing the spread of the
    Delta variant. Travel bans to 10 countries have been extended also.
  • The
    new case count in Sydney fell in the preceding 24 hours (see bullets
    above).
  • Japan
    will declare a state of emergency in three prefectures surrounding
    Tokyo. Osaka also.

Coming
up later
today and over
the weekend are:

  • Data
    for the Federal Reserve’s preferred measure of inflation
  • 2
    Fed speakers
  • US

    China’s official PMIs

(see
bullets above for details on these).

Have a great weekend all! Could be some sport on the telly this weekend … Can China be caught?

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