FX Update: The dollar majors have once again plied narrow ranges
FX Update: The dollar majors have once again plied narrow ranges, EUR-USD in the mid-to-upper 1.2300s after a four-day run higher capped out yesterday at 1.2397, and USD-JPY in the upper 106.0s. The lack of directional impulse has been seen in most other currency pairings, and Asian stock markets. The Nikkei 225 closed with a fraction 0.12% loss. Market participants have been sitting on their hands, waiting to see what size, what commitment and what geopolitical consequences the expected U.S.-led military action in Syria will have. The U.S.-Sino trade spat remains alive, too, with China's ministry of commerce said today that it would be misleading to view President Xi's speech earlier in the week as being a concession to the U.S., rather a long-held strategy to open up its economy. It also said that China is well prepared for any escalation in trade tariffs and that it would fight back without any hesitation.