FX Closing Comments

FX markets were restrained today, largely keeping to established ranges. The key upcoming events include the Bank of Japan's policy meeting, scheduled for the next two days, and the release of Friday's U.S. trade deficit figure. The BoJ meeting is unlikely to result in any rate hikes, though the commentary is likely to be "hawkish". In terms of the U.S. trade number, look for a figure close to $64b for June. Retail sales figures are also expected on Friday, and expected to show a 1% rise (.8% core).