ForexLive Asia-Pacific FX news wrap: USD adds on a few points

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It
was a very subdued session following on from the US Tuesday 4 July
holiday. Fresh news flow was virtually non-existent. We did get
Service PMIs from Japan and China, both of which declined in June
from May but which nevertheless remained in expansion.
</p><p>The
People’s Bank of China set the CNY stronger than expected in the
reference rate today. Offshore yuan strengthened alongside but that
was soon reversed as traders scooped up USD/CNH on the dip. The USD
is mixed to a little higher pretty much across the board as I post.
</p><p>Still
to come today we have US markets reopening after the day off along
with Federal Open Market Committee (FOMC) meeting minutes and NY Fed
President Williams speaking.</p><p>USD/CNH update, it dipped briefly on the PBOC CNY reference rate setting and then rallied sharply higher for the session:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.