USD/JPY continued its rise here during the Asian timezone, taking out 136.00 and extending to highs above 136.30 before easing back a little (under 136.20 as I post).

AUD/USD moved higher also, ahead of the expected 50bp rate hike from Australia’s central bank, due at 0430 GMT. Previews here:

  • Economic calendar in Asia 5 July 2022 - another China PMI & the RBA
  • EUR, NZD and GBP inched a little higher against the US dollar also.

    US stock index futures traded sharply higher. Narratives cite US President Biden looking to ease back on China tariffs. The video call between Chinese Vice Premier Liu He and US Treasury Secretary Yellen was also viewed favourably.

    On the data front China’s second Services PMI (the one from Caixin / Markit) surged back into expansion in June (see bullets above).


    nq 05 July 2022

    (This chart is from our charting app, which is free and can be found at this link)