Today’s major FX rates remained quiet, trading in extremely tiny ranges, with little net change from late US levels. Watching the Olympics appears to be on many people’s schedules, especially as they anticipate the Federal Open Market Committee announcement and Powell’s press conference on Wednesday afternoon (US time).
The yen was the clear victor, with USD/JPY falling 20 or so points to lows around 110.20.
Meanwhile, the cryptocurrency market was significantly more active. Bloomberg reported on an Amazon denial that the company will accept Bitcoin payments this year or next, and that they would not build their own currency. BTC/USD had reached highs of over US$40,500 (just above), but the Amazon stories caused it to fall below $38K and then below $37K. It stumbled sideways around that level, but as I write this, fresh session lows are being made around $36,700 .
Stocks are high in Hong Kong and China. Chinese real estate stocks were especially hard impacted.