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The US dollar (USD) traded on a softer tone in the London session on Thursday a few days after refreshing multi-decade highs. The laidback market mood comes as traders remain on the sidelines ahead of the US Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium on August 26.
Risk-related currencies like the Aussie (AUD) and Kiwi (NZD) are dominating currencies in the market today, while the euro (EUR), Sterling (GBP), and Loonie (CAD) traded weakly along with the dollar.
The Australian dollar, which has ties to the Chinese markets, recorded notable gains today after China’s economic outlook lifted. The Chinese yuan also printed much-needed gains thanks to the outlook shift.
Asian and US Equities On the Rise
Asian equity markets, including the Hong Kong HSI, China Shanghai SSE, and Singapore Strait Times, all recorded decent gains in the Asian session on Thursday. Also, US equity markets printed decent gains as well, indicating a rise in risk appeal among traders.
In Japan, the JGB yield is up as Bank of Japan (BoJ) member Toyoaki Nakamura explained in a recent speech that “Japan’s economy is still in the midst of recovering from the pandemic-induced slump.” Nakamura also noted:
“Shifting to a monetary tightening stance, at a time when demand remains short of supply, would hurt the economy and act as a big restraint to household and business activity.”
The BoJ official further explained: “While core consumer inflation may accelerate toward year-end due to rising prices of energy, food, and durable goods, such a boost will likely dissipate,” adding “Japan is not yet in a situation where it can achieve our price target in a sustained, stable fashion.”
Over in New Zealand, data reports showed that the nation’s retail sales volume dropped by 2.3% (QoQ) in Q2 2022 to NZ$ 26 billion, drastically underperforming expectations of a 1.7% QoQ rise. Also, 10 of 15 industries recorded lower seasonally adjusted sales volume in Q2 compared to the previous quarter.
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