XE Market Analysis: Europe – Jul 03, 2018

The dollar majors have remained in narrow ranges, overall, though there still has been some movement of note. USD-JPY posted a fresh six-week high of 111.13 before settling lower. Other yen crosses also saw a similar price action with the backdrop of steadying global stock markets seeing the yen come under some pressure. China’s PBoC once again allowed the yuan to weaken, with the USD-CNY rate this time rising to an 11-month high above 6.6700. China’s central bank is responding to both the impact of U.S. tariffs and broader weakness in emerging market currencies.