ForexLive Asia FX news wrap: Major FX rates track mainly sideways

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading on Monday 12 July 2021 

The week kicked off more slowly than usual with the final match of the Euro 2020 (paid in 2021) attracting spectators away from early markets. At the conclusion of the game (ICYMI, Italy won the championship after a penalty 'shoot out' following a deadlock at thend of regualr and then extra time) forex remained moribund though and despite the entry of Japan and then Singapore, Hong Kong, and China, major rates are barely net changed from their late Friday levels of last week.

Casting your eye over your short-term charts you'll see mainly sideways across major FX; where there is any change its very minor indeed.

Fresh news and data flow was light and, obviously, of barely noticeable impact.

Regional equities were a little more active, taking a bit of a boost from higher US markets on Friday, stabilising of US yields, and the People's Bank of China RRR cut Friday. The RRR cut means banks do not have to hold quite so much cash in reserves, which frees up their ability to boost lending. Estimates of the amount thus loosened is circa 1tln yuan. The next major scheduled event from the PBCO is the setting of 1- and 5- year loan prime rates (LPR) on July 20. These rates have been unchanged for the past 14 months.

Bitcoin has up a little 

Forex news for Asia trading Monday12July 2021 Bitcoin chart

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