• The dollar reached a more than three-week high versus the yen on Tuesday, after an influential Federal Reserve official said U.S. inflation should rise alongside wages, reinforcing expectations for the Fed to keep raising interest rates.
At one point, the dollar rose to 111.775 yen JPY=, reaching its strongest level since May 26. That marked a gain of about 2.7 percent from the dollar's near 2-month low of 108.81 yen set on June 14.
The greenback last stood at 111.67 yen, up 0.1 percent on the day.
• Officials gathered on Monday at the European Commission headquarters in Brussels for the first day of Brexit negotiations, which will soon set the terms of the U.K.’s divorce from the European Union. While Monday’s talks aimed to establish priorities and secure a timetable for the U.K.’s departure, it refrained from any discussion of trade, per the EU’s request. To some extent, this signaled weakness on behalf of the U.K., though the nation’s Brexit secretary, David Davis, said it was “completely consistent” with the government’s objectives. “It’s not when it starts, it’s how it finishes that matters,” Davis said at a press conference.
• President Donald Trump's administration appears ready to harden its approach toward Pakistan to crack down on Pakistan-based militants launching attacks in neighbouring Afghanistan, U.S. officials tell Reuters.
• The number of high net worth individuals (HNWIs) in China has risen nearly 9 times since a decade ago, a private survey released on Tuesday showed, as strong growth in the world's second-largest economy has spurred wealth creation.
Chinese with at least 10 million yuan ($1.47 million) of investable assets hit 1.6 million in 2016, up from 180,000 in 2006, according to the 2017 China Private Wealth Report by Bain Consulting and China Merchants Bank. The overall value of the private wealth market increased to 165 trillion yuan in 2016, growing at 21 percent annually in 2014-2016.
• The top Republican in the U.S. House of Representatives vowed on Tuesday to complete tax reform in 2017, saying that President Donald Trump and his fellow Republicans in Congress cannot allow the chance to overhaul the U.S. tax code to slip.
In remarks for a speech to U.S. manufacturers released by his office, House Speaker Paul Ryan said that Congress and the Trump administration are moving "full speed ahead" to deliver fundamental tax reform for individuals, corporations and small businesses.
• Oil markets held around seven-month lows on Tuesday as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices.
Brent futures were up 2 cents at $46.93 at 0611 GMT. On Monday, they fell 46 cents, or 1 percent, to settle at $46.91 a barrel.
U.S. West Texas Intermediate crude futures were down 3 cents at $44.17 a barrel.
Reference: Reuters
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