A very quiet start to the week with respect to volatility with commodity currencies getting hit the most. Moves around the USD were fairly subdued following Joe Biden opting to bow out of the presidential race.
*Daily move - against G10 rates at 7:30am, 23.07.24
** Indicative rates - interbank rates at 7:30am, 23.07.24
Today could well be a repeat of yesterday with very little in the calendar to move markets, thus we are expecting trading within tight ranges. One thing we have noted is gains for JPY on speculation that next week we could well have a hawkish Bank of Japan meeting.
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