UJPY - Did The PBOC Signal It Is Content With The Yuan's Pullback?

• After the NASDAQ set a record high yesterday, Asia Pacific markets turned in a mixed performance.
• Although US inventories continue to be drawn down, OPEC+ meets next week, and Russia is pushing for a boost in production.
• The Bank of England meets, but not one expects new moves.
• There is a full slate of US economic reports today, including the advanced merchandise trade balance for May, wholesale and retail inventories, durable goods orders, another look at Q1 GDP, weekly jobless claims, and the KC Fed manufacturing survey.
• The Chinese yuan rose for the second consecutive session for the first time this month. We suspect Chinese officials are content with this month's yuan pullback.

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