XE Market Analysis: Asia – Jul 22, 2020

Aside from USD-JPY, which rose modestly, the Dollar headed lower into the N.Y. open, and largely stayed down through the session. The DXY printed fresh four-plus month lows of 94.83. For data, U.S. existing home sales rebounded a record 20.7% to 4.720 in June following the -9.7% drop to 3.910 mln in May and the -17.8% April plunge to 4.330 mln. There was little market reaction to the about as-expected outcome. Wall Street was mixed overnight, as economic enthusiasm faded some given the rising pace of new COVID cases in the U.S., along with further heating up of U.S.-China frictions.