ForexLive Asia-Pacific FX news wrap: JGB records, China data mixed, Nvidia China GPU sales

• Five Federal Reserve officials speaking Tuesday
• Nvidia to resume H20 GPU sales to China with U.S. backing, sources say
• China June retail sales +4.8% y/y (expected +5.4%), Industr output +6.8% (expected +5.7%)
• China Q2 GDP +1.1% q/q (vs. +0.9% expected. +1.2% prior))
• China June House prices -3.2% y/y (prior -3.5%)
• PBOC sets USD/ CNY central rate at 7.1498 (vs. estimate at 7.1758)
• WSJ: "Europe draws up retaliatory tariffs for U.S. goods in case no trade deal is reached"
• Australian July consumer confidence +0.6% m/m to 93.1
• Reuters - Japan election jitters rattle bond market as investors brace for fiscal shift
• USD/JPY on approach towards 149 - when do the BoJ and Japanese government start to sweat?
• Japan and EU to strengthen economic ties with focus on trade, tech and supply chains
• UK retail sales rebound in June "on hot weather", but consumer caution lingers
• Fed Chair Powell requests fresh review of Fed building renovations amid lawmaker scrutiny
• Moody’s chief economist warns of deepening housing market slump as 7% mortgage rates bite
• UBS sees Trump doing a TACO on 30% EU tariffs, recommend buy gold as a policy risk hedge
• Trump reneges on agreement with Mexico, will impose a 17% tariff on Mexican tomato imports
• People's Bank of China to dump 1.4 tln yuan cash in banking system today. 3, 6 month tenor
• Goldman Sachs forecasts gold reaching US$4,000
• Bank of America say Trump's latest tariff hikes firm the Fed 'no rate cut this year' call
• Forexlive Americas FX news wrap 14 Jul: . Trump looks to pressure Russia to ceasefire deal
• Japan's Ishiba and Akazawa to meet Bessent in Tokyo ahead of tariff talks deadline
• NASDAQ closes at a new record high
• Trade ideas thread - Tuesday, 15 July, insightful charts, technical analysis, ideas

Major FX pairs traded in narrow ranges during the session, with no clear directional moves.

The standout action was in Japanese fixed income, where long-term Japanese Government Bond (JGB) yields climbed to new highs:

• 30-year JGB yield rose to a record high of 3.195%

• 20-year JGB yield hit 2.64%, the highest since November 1999

In China, a batch of economic data was released. Before the main data, June home prices showed a further decline, highlighting continued weakness in the country’s debt-laden property sector.

Q2 GDP data beat expectations:

• +1.1% q/q (vs. expected +0.9%, prior +1.2%)

• +5.2% y/y (vs. expected +5.1%, prior +5.4%)

• While solid, the results were a touch below Q1.

June economic activity data was mixed:

• Retail sales missed sharply, pointing to still-soft domestic demand

• Industrial production beat expectations, supported by resilient exports

In equities, Nvidia made headlines, announcing it is filing with U.S. authorities to resume sales of its previously restricted H20 GPU to customers in China.

“The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon,” the company said.

Asia-Pacific equity markets:

• Australia (ASX 200) +0.5%

• Hong Kong (Hang Seng) +0.75%

• Japan (Nikkei 225) +0.1%

• Shanghai Composite -0.4%

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USD/JPY approached 148: