ForexLive Asia FX news wrap: major FX flat-lines awaiting NFP

Forex news for Asia trading on
Friday
2
July 2021

USD/JPY
popped to its highest, circa
111.65, since March of last year but overall maintianed a very tight
range on the session. As I update USD/CHF is ticking a little higher
also as ‘safe haven’ FX becomes less and less sought after.
Elsewhere it was more
or less flat
lines right across major FX as
Asian dealers sat on their hands ahead of the US nonfarm payroll
report due Friday morning in the US.

News
and data flow were light and, of course, of little impact.

Oil
inched higher from its session lows here. The overnight news that the
OPEC meeting has been postponed to Friday raised a few eyebrows.
Disagreement amongst cartel members is not that unusual but discord
must be greater than normal if negotiations are continuing a day
after their scheduled end. The current chatter about is that the
proposal is an increase in output by 400K bbl a month through to year
end, but given ongoing talks there is more uncertainty than usual.
The central disagreement seems to be with the UAE, who want
an increased production quota, while
saying Russia and Iraq the losers who would have a reduced
allocation. Russia and Iraq are, as you can imagine, not happy with
this.

Gold
is a few tics up also.

Bitcoin
ranged from highs circa $33.9K to slip back towards $33.2K.

A the same time as the NFP report is due to be releases ECB President Lagarde is speaking (see bullets above):