FX Update: The Dollar has traded firmer
FX Update: The Dollar has traded firmer, overall, although has continued to hold steady in a narrow range against the Yen. USD-CAD dropped to its lowest level since June 6 in making a low at 1.2887, driven by a Mail and Globe report, which broke during the Tokyo morning, that Canada is ready to make significant concessions on diary to secure a trade deal with NAFTA. This is potentially good news as it raises the chances for Congress to approve the White House agreement with Mexico in context of a revamped NAFTA deal. Elsewhere, EUR-USD extended yesterday's correction from the four-week peak at 1.1733, posting a 1.1674 low. AUD-USD fell to a two-day low at 0.7308, and Cable has seen a two-day low at 1.2854, with the Pound so far unaffected by news reports that the UK and EU are likely to push out the deadline for a Brexit agreement to mid November from October's EU summit. USD-JPY, in contrast to other Dollar pairings, has posted less than a 20 pip range so far in Tokyo trading, defined by 111.13 and 111.31, which continues a phase of tight consolidative price action into a fourth consecutive session. EUR-JPY and other Yen crosses, meanwhile, have declined moderately. The PBoC set the USD-CNY reference at 6.8072, fractionally up on yesterday's 6.8052.