Asia Summary and Highlights 29 July
Australian CPI Lower than Estimate
Axios report that Iran launched ballistic missiles towards a US base in Jordan
Asia Session
The Australian inflation picture is showing further moderation with June monthly at 3.8% y/y, Q2 at 4%. The all important trimmed mean CPI arrived at 3.6%. It seems to suggest the inflationary pressure from energy was indeed fading, before the revival in July. AUD/USD is trading 0.34% lower at 0.6950. NZD/USD is trading 0.07% higher while USD/CAD slips 0.04% on higher oil. Axios report that Iran launched ballistic missiles towards a US base in Jordan and was swiftly confirmed by U.S. military, framing it as an attempted surprise attack from IRGC.
Regional focus remains on Korea. After a 10% stop on KOSPI for Tuesday, the Wednesday situation is no better until the national team verbally step in. USD/JPY recvied some haven bids to trade 0.19% lower while EUR/USD and GBP/USD are up 0.09%.