Japanese Yen and Dollar are experiencing broad declines today, as rebound in Chinese and Hong Kong stocks that buoyed overall market sentiment. The mood lifted on news that Country Garden, a troubled Chinese property giant, has secured an extension for a critical debt payment deadline, effectively avoiding default. Reports suggest that the company's Chinese creditors have agreed to a repayment plan stretched over the next three years.
As we are now in the traditional summer quiet period, market activities appear largely subdued, a pattern expected to persist into first half of the week. US Dollar is attempting to gain momentum to revive its recent rally, but it's still kept way off last week's peak against other major currencies. Definitive direction for the greenback might only materialize after Thursday's release of US CPI data, unless a notable surge in risk market volatility precedes this.
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