Asia Summary and Highlights 22 Jul
Relative quiet session on Tuesday
A limited trade deal between the US and India is reportedly ruled out before 1 August
Asia Session
It is relative quiet session for the FX market on Tuesday's Asia session. U.S. three major equity indexes are in the red while regional equities in China and Hong Kong are outperforming Japan. CNBC reported that a limited trade deal between the US and India is likely ruled out before 1 August. USD/JPY is trading 0.17% higher at 147.63 as JGB yields underperform U.S. Treasury yields.
The July RBA minutes have suggested more rate cut incoming but warrant caution on inflationary and global uncertainty. It came at no surprise to us as inflationary pressure have shown further moderation in the past months. AUD/USD is trading 0.12% lower at 0.6516, NZD/USD is trading 0.17% lower at 0.5957 while USD/CAD rise 0.05%. Else, EUR/USD is unchanged and GBP/USD down 0.11%.